Michael Saylor of MicroStrategy predicted that crypto regulatory clarity would boost Bitcoin’s dominance and value
As legislative certainty around cryptocurrencies grows, Saylor anticipates a flood of significant institutional investments into the Bitcoin market.
TradingView and Coingecko data shows that Bitcoin’s market share is at a two-year high of around 49%. In a Bloomberg Crypto interview, MicroStrategy Inc (NASDAQ: MSTR) executive chairman and president Michael J Saylor predicted that Bitcoin’s market value would increase despite increased U.S. governmental scrutiny.
Saylor pointed out that Bitcoin will benefit from the SEC’s crackdown on the altcoin industry. Saylor also stated that institutional money would flood once the Bitcoin market’s uncertainties and concerns are resolved.
By removing the uncertainty and worry holding back institutional investors, “regulatory clarity is going to drive Bitcoin adoption.” Saylor predicted that Bitcoin’s dominance would increase as the cryptocurrency sector normalised the use of $BTC.
Saylor predicts Bitcoin will easily be 10X from present values due to the upcoming halving in less than a year. Bitcoin’s halving has sparked the largest bull market for cryptocurrency ever.
Saylor predicts that most alternative cryptocurrencies will eventually collapse to zero because of their limited future usefulness. The United States government also plans to introduce a Central Bank Digital Currency (CBDC) to further establish the dollar’s status as the world’s reserve currency.
Even said, America accounts for just around 25% of global economic activity, providing a massive window of opportunity for the growth of altcoins.
The number of Bitcoins held by exchanges has dropped to its lowest level since 2018 due to legal charges brought against Binance and Coinbase by the United States Securities and Exchange Commission. Santiment, a market information tool, reports that 6.4% of the Bitcoin supply is held on exchanges, down from 16.4% on Black Thursday, 2020.
If the SEC continues to fine cryptocurrency companies, the trend towards increased usage of non-custodial wallets by cryptocurrency investors is likely to persist.