In a recent interview with Bloomberg, former MicroStrategy CEO Michael Saylor made a bold prediction, stating that Bitcoin’s dominance in the cryptocurrency market will double in the near future.
In a recent Bloomberg interviewformer MicroStrategy CEO Michael Saylor boldly asserted that Bitcoin is destined for an extended period of market dominance, potentially doubling its current level.
This increase, he explains, will largely be the result of growing regulatory clarity in the United States, which he believes will gradually reduce the overall cryptocurrency market to a bitcoin-centric industry.
Saylor predicted a move away from stablecoins, crypto derivatives and tokens, stating that Bitcoin is the only universally recognized digital commodity that regulators are willing to accept.
Its predictions are rooted in the belief that as regulators tighten their grip on the crypto industry, many crypto-assets will either be banned or fade into obscurity, leaving Bitcoin to take center stage.
Saylor expects this inevitable industry shrinkage to greatly benefit Bitcoin as it eliminates competition and confusion in the market.
He noted that Bitcoin’s dominance has already increased from 40% to 48% since the start of the year.
Saylor also predicts that this surge in Bitcoin dominance will significantly strengthen the business models of crypto exchanges. Despite the potential limitations these platforms may face in a tighter regulatory environment, he argues that a tenfold increase in the value of Bitcoin will ensure their profitability. He predicts a flood of institutional money pouring into Bitcoin due to regulatory clarity.