Will Bitcoin Devour All Other Cryptocurrencies? Michael Saylor Predicts Seismic Shift

MicroStrategy MSTR founder Michael Saylor believes that the cryptocurrency landscape is poised for a seismic shift toward a Bitcoin BTC/USD centric model.

The world's largest cryptocurrency stands alone as an institutional-grade asset, and regulatory dynamics suggest the eventual narrowing down of the industry's focus towards Bitcoin, Saylor explained to Bloomberg.

"MicroStrategy's views since 2020 have been that the only institutional grade asset is bitcoin," Saylor expressed. "It's pretty clear that the regulators don't see a legitimate path forward for cryptocurrencies ... And so the entire industry is kind of destined to be rationalized down to a Bitcoin-focused industry with maybe half a dozen to a dozen other proof of work tokens."

The U.S. Securities and Exchange Commission (SEC) is currently in a lawsuit with both Binance BNB/USD and Coinbase COIN. Among the 19 tokens cited in the lawsuits, Bitcoin is conspicuously absent.

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SEC chair Gary Gensler has, in the past, said that Bitcoin qualifies as a commodity.

MicroStrategy, under Saylor's leadership, embarked on its Bitcoin acquisition journey in 2020, hailing it as an unparalleled store of value compared to traditional assets like gold.

As of now, the company boasts a treasure trove of roughly 140,000 Bitcoin, amounting to a staggering $4 billion.

Highlighting the crowded space of cryptocurrencies, with around 25,000 contenders, Saylor underlined the clarity now emerging among the masses that Bitcoin is unrivaled in its space. He is optimistic that this growing awareness will catalyze a value surge for Bitcoin, projecting a tenfold increase.

"Eventually, I have confidence that the crypto exchanges will come around to realizing that Bitcoin really is the dominant asset in this space, and their business models are fine when Bitcoin goes up by a factor of 10," Saylor said.

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