Key takeaways
Crypto industry will be BTC-focused
MicroStrategy co-founder Michael Saylor believes that the cryptocurrency industry is destined to become BTC-focused. He made this statement during an interview with Bloomberg.
According to Saylor, Bitcoin is the only major cryptocurrency that has been excluded as a security by the US Securities and Exchange Commission (SEC). He pointed out that the regulatory agency doesn’t see a legitimate path forward for cryptocurrencies
Saylor also added that cryptocurrency exchanges would fuel a price surge in Bitcoin in the near term. He stated that;
“[The SEC’s] view is crypto exchanges should trade and hold pure digital commodities like Bitcoin, and so the entire industry is kind of destined to be rationalized down to a Bitcoin-focused industry with maybe a half a dozen to a dozen other proof of work tokens. The next logical step is for Bitcoin to 10x from here and then 10x again.”
Bitcoin’s market dominance increases to 47%
Bitcoin began the year with a market dominance of 40%. However, thanks to the rally experienced in the last few months, Bitcoin’s market dominance now stands above 47%.
Saylor believes that Bitcoin’s market dominance will reach 80% as more institutional funds will enter the market after confusion and anxiety over crypto disappear.
MicroStrategy has been buying more bitcoins despite the ongoing bear market. In March, the company purchased 6,455 bitcoins worth $150 million. Saylor’s company currently holds more than 138,900 bitcoins.
The world’s leading cryptocurrency has been underperforming in recent days. At press time, the price of Bitcoin stands at $26,001, down by more than 3% in the last seven days.
The broader cryptocurrency market has also seen its total cap increase since the start of the year. At the start of the year, the total cryptocurrency market stood above $700 billion. The total cryptocurrency market cap has since climbed past the $1 trillion mark.