FameEX Hot Topics | Regulators Determine Bitcoin's Dominance in the Crypto Industry, Says Michael Saylor

During a recent Bloomberg interview on June 13, Michael Saylor, a well-known advocate for Bitcoin, shared his insights on the Securities and Exchange Commission's (SEC) enforcement actions. According to Saylor, these actions are likely to work in favor of Bitcoin, as it is the only cryptocurrency excluded from being classified as a security by SEC Chair Gary Gensler.

Saylor further expressed that U.S. regulators do not envision a promising future for cryptocurrencies and harbor no particular fondness for stablecoins, crypto-tokens, or crypto-based derivatives. He emphasized that Bitcoin's market share has already increased from 40% to 48% in 2023. This growth can be partly attributed to the SEC's enforcement activities and its classification of 68 cryptocurrencies as securities, none of which are based on proof-of-work.

Looking ahead, Saylor predicts that Bitcoin's dominance will continue to rise and reach 80% as "mega institutional money" enters the crypto market, once the prevailing confusion and anxiety surrounding cryptocurrencies subside. However, Saylor and other Bitcoin advocates have faced substantial criticism. Anthony Sassano, the host of The Daily Gwei, recently criticized "Bitcoiners" who expressed satisfaction with the SEC filing lawsuits against exchanges like Coinbase, which list tokens considered unregistered securities by the agency.

Additionally, various individuals, including the team behind MetaMask—an Ethereum-based wallet—and others, firmly believe in an inevitable "multichain future" where different blockchains serve distinct purposes. In early May, Mike McGlone, a senior macro strategist at Bloomberg Intelligence, explained that a "deflationary bust" has impacted the commodities market and bank deposits, and crypto may be the next domino to fall in this trend.

In summary, Michael Saylor's recent statements underscore his belief that Bitcoin will benefit from the SEC's enforcement actions and ultimately achieve market dominance. However, critics argue for a more diverse future with multiple blockchains serving different purposes. As the crypto industry continues to evolve, the impact of these contrasting viewpoints on its trajectory remains to be seen.

Disclaimer: The information provided in this section is for informational purposes only, doesn't represent any investment advice or FameEX's official view.