Former MicroStrategy CEO sees prerequisites for the next bull market in the behavior of the US authorities
According to Michael Saylor, the SEC’s actions will ultimately play in bitcoin’s favor
14.06.2023 - 15:00
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What’s new? Michael Saylor, former CEO and chairman of the board of directors at analytics software developer MicroStrategy, believes that enforcement action against crypto companies by regulators in the United States will lead to the rise of BTC above $250 000. In an interview with Bloomberg, he explained that the Securities and Exchange Commission’s (SEC) actions will ultimately play in bitcoin’s favor because most of its claims concern tokens that have the characteristics of securities. Earlier, the regulator accused Binance and Coinbase exchanges of unregistered offerings of such cryptocurrencies.
What else did Saylor say? According to the businessman, the SEC believes that “crypto exchanges should trade and hold pure digital commodities like Bitcoin.” Therefore, “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 (PoW) tokens.”
The expert said that “the next logical step is for Bitcoin to 10x from here and then 10x again.” According to Saylor, regulatory clarity will facilitate the adoption of the first cryptocurrency, eliminating the confusion and anxiety that has been holding back institutional investors.
Saylor added that bitcoin’s market share increased from 40% to 48% in 2023, which can be partly attributed to the SEC’s enforcement activity. For example, as part of lawsuits against Binance and Coinbase, the Commission classified the following tokens on blockchains with a Proof-of-Stake (PoS) consensus algorithm traded on platforms as unregistered securities: SOL, ADA, MATIC, FIL, SAND, AXS, CHZ, FLOW, ICP, NEAR, VGX, DASH, NEXO, ATOM, MANA, ALGO, AXS, and COTI.
According to Saylor, this share will rise to 80% in the future as “mega institutional money” will flow into cryptocurrencies once “confusion and anxiety” about their use disappears.
Saylor previously noted that the first instances of the BRC-20 standard could be seen as the issuance of unregistered securities. That said, he assessed Ordinals as a positive development on the Bitcoin network.
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