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Enforcement actions on cryptocurrency firms by regulators in the United States could result in a Bitcoin (BTC<\/a>)-focused industry that will push its price over $250,000, according to MicroStrategy co-founder Michael Saylor.<\/p>\n In a June 13 Bloomberg interview<\/a>, the Bitcoin bull explained recent enforcement actions from the Securities and Exchange Commission would eventually play in favor of Bitcoin\u2014 the only crypto excluded from being a security<\/a> by SEC Chair Gary Gensler.<\/a><\/p>\n Saylor added that U.S. regulators \u201cdon\u2019t see a legitimate path forward for cryptocurrencies,\u201d adding \u201cthey don’t have any love\u201d for stablecoins, crypto-tokens or crypto-based derivatives.<\/p>\n Saylor said crypto exchanges would be the catalysts behind the significant price surge:<\/p>\n \u201c[The SEC\u2019s] view is crypto exchanges should trade and hold pure digital commodities like Bitcoin and so the entire industry is kind of destined to be rationalized down to a Bitcoin-focused industry with maybe a half a dozen to a dozen other proof of work tokens.\u201d<\/p><\/blockquote>\n \u201cThe next logical step is for Bitcoin to 10x from here and then 10x again,\u201d he claimed.<\/p>\n Regulatory clarity is going to drive #Bitcoin<\/a> adoption by eliminating the confusion & anxiety that has been holding back institutional investors. Bitcoin dominance will continue to grow as the #Crypto<\/a> industry rationalizes around $BTC<\/a> and goes mainstream. pic.twitter.com\/Foq4lpderj<\/a><\/p>\n \u2014 Michael Saylor⚡️ (@saylor) June 13, 2023<\/a><\/p><\/blockquote>\n Saylor noted Bitcoin\u2019s market share increased from 40% to 48% in 2023, which may be attributed in part to the SEC\u2019s enforcement activity and the agency labeling 68 cryptocurrencies as securities<\/a> \u2014 none of which are proof-of-work.<\/p>\n In the future, Saylor believes this dominance will increase to 80% as \u201cmega institutional money\u201d will flow into crypto after \u201cconfusion and anxiety\u201d over crypto disappears.<\/p>\n Saylor and other Bitcoin-centric advocates have been met with considerable criticism, however.<\/p>\n Anthony Sassano, host of The Daily Gwei, recently called out \u201cBitcoiners\u201d who are pleased to see the SEC file lawsuits against Coinbase and other exchanges that list tokens that the agency considers to be unregistered securities. <\/p>\n Incredibly embarrassing to see how many Bitcoiners who self-identify as “cypherpunks” are absolutely salivating at the fact that the SEC is going after Coinbase.<\/p>\n No company in this industry has done more for Bitcoin adoption than Coinbase.<\/p>\n \u2014 sassal.eth (@sassal0x) June 7, 2023<\/a><\/p><\/blockquote>\n The team behind\u00a0Ethereum-based wallet MetaMask<\/a> and many others also believe a \u201cmultichain future\u201d is inevitable because different blockchains serve different purposes.<\/p>\n Related: <\/em><\/strong>Bitcoin price can \u2018easily\u2019 hit $20K in next 4 months \u2014 Philip Swift <\/em><\/strong><\/a><\/p>\n Mike McGlone, a senior macro strategist at Bloomberg Intelligence, explained in early May that a \u201cdeflationary bust\u201d is impacting the commodities market and bank deposits \u2014 and that crypto may be the next domino to fall. <\/p>\n Cryptos Could Be the Next Assets to Drop in Deflation Dominoes – It’s been a year of rebounds for just about everything that fell in 2022, with #cryptos<\/a> tops among high-beta performers, but a deflationary bust may be gaining fuel as seen in plunging #commodities<\/a> and bank deposits pic.twitter.com\/H871jqA5xc<\/a><\/p>\n \u2014 Mike McGlone (@mikemcglone11) May 3, 2023<\/a><\/p><\/blockquote>\n In January, economist Lyn Alden told Cointelegraph there is \u201cconsiderable danger ahead\u201d for Bitcoin in the second half of 2023, stating that when the U.S. resolves its debt issue, significant liquidity will be pulled out of markets<\/a>:<\/p>\n \u201cAt that point, both the Treasury and Fed will be sucking liquidity out of the system, and that would create a vulnerable time for risk assets in general, including BTC.\u201d<\/p><\/blockquote>\n Magazine: <\/em><\/strong>$3.4B of Bitcoin in a popcorn tin \u2014 The Silk Road hacker\u2019s story<\/em><\/strong><\/a><\/p>\n<\/div>\n\n
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