Wednesday, June 12, 2024

MicroStrategy Founder Michael Saylor: SEC Actions Ensure Bitcoin Dominance in Crypto Industry

Following SEC actions, the cryptocurrency industry is embracing a Bitcoin focus, according to MicroStrategy Founder Michael Saylor.

The Securities and Exchange Commission (SEC) of the United States recently filed lawsuits against Binance and Coinbase, two prominent cryptocurrency exchanges. Michael Saylor, the Founder and Executive Chairman of MicroStrategy, believes that these regulatory actions herald the inevitable consolidation of the cryptocurrency industry into a bitcoin-centric space.

Saylor expressed MicroStrategy’s long-held belief that bitcoin is the only institutional-grade asset during an interview with Bloomberg on Tuesday. He pointed out that regulators’ lack of trust in cryptocurrencies portends a difficult future for the industry as a whole. As a result, he believes the industry will eventually narrow its focus to bitcoin and a few other proof-of-work tokens.

It’s worth noting that the recent SEC lawsuits specifically targeted Binance and Coinbase, the two largest cryptocurrency exchanges by market capitalization. Surprisingly, the filings mentioned a total of 19 tokens but left out bitcoin. Bitcoin was previously classified as a commodity by SEC Chair Gary Gensler.

Under Saylor’s leadership, MicroStrategy began accumulating bitcoin in 2020, praising it as a far superior store of value to gold. Currently, the company owns approximately 140,000 bitcoins worth approximately $4 billion. Saylor faced legal challenges in Washington, D.C. in March 2023 regarding personal income tax obligations. The court, however, rejected allegations that Saylor and MicroStrategy conspired to break the law.

Saylor went on to say that the influx of around 25,000 alternative cryptocurrencies claiming to be the next bitcoin or an improved version has shown the public that bitcoin is the true successor. He predicts that bitcoin’s value will tenfold, reaching $250,000.

Read Also: Crypto Whales Swiftly Transfer Almost $60,000,000 in Dogecoin and Shiba Inu

Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.

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