Former MicroStrategy CEO Michael Saylor made the audacious claim that Bitcoin is poised for a protracted period of global dominance, maybe tripling its current stage, in a recent interview with Bloomberg.
Increasing regulatory clarity in the US, he explains, will mostly be responsible for this improvement. He predicts that this will regularly reduce the overall cryptocurrency sector to a Bitcoin-focused industry.
Saylor has projected a move away from stablecoins, cryptocurrency derivatives, and tokens, claiming that Bitcoin is the only digital good that is accepted by regulators across the board.
His prediction is based on the idea that as regulators tighten their control over the cryptocurrency industry, many crypto assets will either be outlawed or go extinct, leaving Bitcoin to command attention.
Saylor anticipates that this eventual specialisation of the market would greatly benefit Bitcoin because it will eliminate rivals and market turbulence.
He noted that since the start of the year, Bitcoin’s market share has already increased from 40% to 48%.
Saylor believes that this boost in Bitcoin’s popularity will also significantly support the business models of cryptocurrency exchanges. He contends that despite any potential restrictions these platforms might have under more stringent regulatory conditions, a tenfold increase in the value of Bitcoin will ensure their financial success. Due of regulatory readability, he anticipates a rush of institutional money flooding into Bitcoin.