Bitcoin Crypto

Regulators ‘Destine’ Crypto Industry To Be BTC-Focused: Michael Saylor

06/14/2023
Bitcoin Ethereum News

Table of contents

  1. Saylor: U.S. controllers ‘don’t see a genuine way ahead for digital currencies
  2. Bitcoin advocates say money from regulated industries will lead to a ‘multichain future’
According to MicroStrategy co-founder Michael Saylor, regulatory actions against cryptocurrency companies in the United States could create a Bitcoin-focused industry that will push its price above $250,000. In an interview with Bloomberg, the Bitcoin proponent explained that the Securities and Exchange Commission (SEC)’s recent enforcement actions will eventually work in Bitcoin’s favor. Bitcoin is the only cryptocurrency that SEC chair Gary Gensler has excluded from being a security.

Saylor: U.S. controllers ‘don’t see a genuine way ahead for digital currencies

Saylor added U.S. controllers “don’t see a genuine way ahead for digital currencies” adding “they have no affection” for stablecoins, crypto-tokens or crypto-based subordinates. According to Saylor, the SEC’s enforcement activities and its recent designation of 68 cryptocurrencies as securities, none of which are proof-of-work, may have contributed to the rise in Bitcoin’s market share from 40% to 48% in 2023.

Bitcoin advocates say money from regulated industries will lead to a ‘multichain future’

Saylor is of the opinion that this dominance will rise to 80 percent as “mega institutional money” flows into cryptocurrencies following the disappearance of “confusion and anxiety” regarding cryptocurrencies. However, Saylor and other Bitcoin-focused advocates have received a lot of criticism. The host of The Daily Gwei, Anthony Sassano, recently criticized “Bitcoiners” who are pleased that the SEC has filed lawsuits against Coinbase and other exchanges that list tokens that the SEC considers to be unregistered securities. MetaMask, a wallet built on Ethereum, and a lot of other wallets also think that there will be a “multichain future” because different blockchains are used for different things.

Source: https://www.cryptoknowmics.com/news/regulators-destine-crypto-industry-to-be-btc-focused-michael-saylor