The several enforcement actions on the cryptocurrency firms by the US regulators could very well result in an industry that is focused on Bitcoin- something that will push the price over a range of $250,000- as mentioned by Michael Saylor, the co-founder of MicroStrategy.
In a 13th June interview on Bloomberg, the Bitcoin bulls went on explain that the recent enforcement actions from the Securities and Exchange Commission would be playing in favor of the c-currency- which has been the only crypto that has been excluded from being considered as a security by Gary Gensler, the SEC Chair. Saylor further added that the regulators in the country didn’t see any legitimate path forward for the cryptocurrencies, and they added that they didn’t have any love for crypto tokens, stablecoins, or derivatives that were based on it.
Michael Saylor Believes US Regulators Don’t Think Other Crypto Currencies Have A Future
The CEO also mentioned that the exchanges would be the catalysts behind the significant surge in the price. The view by the SEC is that the c-exchanges should be trading and holding pure digital commodities like Bitcoin, which entails that the entire industry is somewhat destined to be rationalized down to an industry that is heavily focused on Bitcoin- with just half a dozen other proof-of-work tokens. Saylor further noted that the market share of BTC had increased from 40% to 48% in 2023, which could partly be attributed to the enforcement activity and the agency that has labeled 68 other such token currencies as securities.
In the future, Saylor thinks that this dominance will rise to 80% as mega institutional money, which will be flowing into crypto after anxiety and confusion over crypto disappear slowly.