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

In a recent Bloomberg interview on June 13, renowned Bitcoin advocate Michael Saylor shared his perspective on the recent enforcement actions taken by the Securities and Exchange Commission (SEC). According to Saylor, these actions would ultimately favor Bitcoin, as it is the only cryptocurrency excluded from being classified as a security by SEC Chair Gary Gensler.

Saylor went on to state that U.S. regulators do not perceive a viable future for cryptocurrencies and hold no affinity for stablecoins, crypto-tokens, or crypto-based derivatives. He emphasized that Bitcoin's market share has already risen from 40% to 48% in 2023. This increase can be partially 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 further surge to 80% as "mega institutional money" pours into the crypto market once the prevailing confusion and anxiety surrounding cryptocurrencies subside.

However, Saylor and other proponents of Bitcoin have faced significant criticism. Anthony Sassano, host of The Daily Gwei, recently called out "Bitcoiners" who expressed satisfaction with the SEC filing lawsuits against exchanges like Coinbase, which list tokens considered unregistered securities by the agency.

Furthermore, various individuals, including the team behind MetaMask—an Ethereum-based wallet, and others, believe that a "multichain future" is inevitable due to different blockchains serving distinct purposes. Mike McGlone, a senior macro strategist at Bloomberg Intelligence, previously explained in early May that a "deflationary bust" has affected the commodities market and bank deposits, and crypto might be the next domino to fall in this trend.

In conclusion, Michael Saylor's recent statements highlight his belief that Bitcoin will benefit from the SEC's enforcement actions and eventual market dominance. However, critics argue for a more diverse future with multiple blockchains serving different purposes. As the crypto industry continues to evolve, it remains to be seen how these contrasting viewpoints will shape its trajectory.

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