MicroStrategy’s Michael Saylor: Bitcoin’s Rise Signals Consolidation of the Crypto World

[CryptoButthead.com , msch , June 15, 2023] In a recent interview with Bloomberg, Michael Saylor, the founder and executive chairman of MicroStrategy, shared his belief that the crypto industry is on its way to being all about Bitcoin, thanks to some regulatory actions and the dominance of the leading cryptocurrency. Saylor, who has been a staunch advocate for Bitcoin, thinks that the Securities and Exchange Commission’s lawsuits against major exchanges like Binance and Coinbase have pushed regulators to focus solely on Bitcoin.

According to Saylor, regulators have a limited view of what a crypto exchange should be, and their perspective is that these platforms should primarily deal with digital commodities like Bitcoin. He predicts that the entire industry will eventually be rationalized down to a Bitcoin-focused market, with only a handful of other proof-of-work tokens remaining relevant.

And you know what? Bitcoin’s dominance has been growing steadily over the past few months. It currently represents around 48% of the crypto market, up from 43% in February. Saylor even believes that Bitcoin’s dominance could reach a whopping 80% someday. But this dominance poses a challenge for exchanges like Coinbase, which have been trying to diversify their revenue streams to reduce reliance on trading fees. If Bitcoin continues to overshadow other cryptocurrencies, trading fees might further decline, impacting their financial performance.

However, Saylor remains unfazed by the potential threats to exchanges. He believes that they still have a crucial role to play in the industry, even in a Bitcoin-centric environment. While some companies are exploring international options, Saylor thinks that many institutional investors are actually more attracted to a Bitcoin-focused market. The vast array of cryptocurrencies can confuse and put off potential investors, so a consolidation around Bitcoin might actually make the sector more appealing.

Despite the recent slump in Bitcoin’s price due to the SEC lawsuits, Saylor stands firm in his confidence that Bitcoin will remain the dominant asset. He emphasized that crypto exchanges will eventually realize the power of Bitcoin, especially when it experiences significant growth. Saylor himself has been leading MicroStrategy’s strategy of accumulating billions of dollars in Bitcoin, and the company now holds around 140,000 Bitcoin worth about $4 billion. That’s no small change!

So, folks, it looks like the crypto world is headed towards a Bitcoin-centered future, and Michael Saylor is leading the charge with MicroStrategy’s Bitcoin accumulation. The regulatory actions and Bitcoin’s rising dominance have paved the way for this consolidation. If you’re looking for the next big thing in crypto, you might want to keep an eye on Bitcoin—it’s the real deal, according to Saylor.