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Amidst a surge of regulatory enforcement efforts, Michael Saylor, executive chairman of MicroStrategy, sees a bright future for the US crypto business. Saylor recently discussed the potential effects of recent statements made by the US Securities and Exchange Commission (SEC), which he believes may pave the groundwork for the next Bitcoin bull run, in an interview with Bloomberg.
Saylor stressed that by removing the uncertainty and fear that have prevented institutional investors from investing in Bitcoin, legislative clarity will play a crucial role in promoting its acceptance. He pointed out that “crypto securities,” for which regulators in the United States are finding it difficult to determine a viable course of action, are largely to blame for this misunderstanding. He said, “The public is beginning to realize that Bitcoin is the next Bitcoin. The next logical step is for Bitcoin to 10x from here, and then 10x again.”
The executive chairman further explained, “Their view is crypto exchanges should trade and hold pure digital commodities like Bitcoin.” Regulators can negotiate the complex environment and encourage more institutional engagement by keeping their focus on pure digital commodities like Bitcoin.
The largest cryptocurrency exchange in the US, Coinbase, is being sued by the SEC recently for allegedly offering various securities without being authorized as a securities exchange. Congress and the industry have both criticized this approach by the regulatory body because the SEC had been reluctant to categorize tokens until taking legal action.
Bitcoin, however, has been categorically excluded by the SEC from the category of securities due to its decentralization and designation as a commodity. Saylor predicts that when governmental scrutiny of stablecoins and other tokens increases, Bitcoin’s long-term market share will approach 80%.
Michael Saylor confidently stated, “The public is beginning to realize that Bitcoin is the next Bitcoin.” He sees Bitcoin’s value increasing tenfold from where it is now, and then another tenfold after that.
One of the biggest Bitcoin holders in the world, MicroStrategy, has an amazing 140,000 BTC, bought at an average cost of $29,803 per coin. Bypassing other cryptocurrencies, the company has solely concentrated on Bitcoin as the only institutional-grade investable asset in the cryptocurrency industry.
Saylor has previously stated his opinion that due to its initial coin offering (ICO), pre-mining, and management team, Ethereum (ETH), the second-largest cryptocurrency by market cap, qualifies as a security.