important point

The virtual currency industry will become BTC-centric

MicroStrategy co-founder Michael Thaler believes the crypto industry is destined to be BTC-centric.he made this remark at a conference Interview with Bloomberg.

According to Thaler, Bitcoin is the only major cryptocurrency excluded from securities by the U.S. Securities and Exchange Commission (SEC). He pointed out that regulators do not see a legitimate development path for cryptocurrencies.

Thaler also added that cryptocurrency exchanges will accelerate Bitcoin’s price surge in the short term. he said:

“[The SEC’s] There is a view that cryptocurrency exchanges should trade and hold purely digital commodities like bitcoin, which is why the industry as a whole is pushing Bitcoin with perhaps 6 to 12 proof-of-work tokens. It is considered destined to be rationalized into a coin-centric industry. The next logical step is for Bitcoin to multiply tenfold from here and then tenfold further. ”

Bitcoin Market Dominance Rises to 47%

Bitcoin started the year with 40% market power. However, thanks to the uptick experienced in recent months, Bitcoin’s market power is now over 47%.

Thaler believes Bitcoin’s market power will reach 80% as more institutional investors enter the market once the turmoil and fears about cryptocurrencies are resolved.

MicroStrategy is buying more Bitcoin despite the ongoing bear market. In March, the company Bought 6,455 bitcoins worth $150 million. Thaler’s company currently holds over 138,900 bitcoins.

The world’s leading cryptocurrencies have been underperforming in recent days. At the time of press Bitcoin price Over the past 7 days, it has dropped more than 3% to $26,001.

The broader cryptocurrency market has also increased its caps since the beginning of the year. As of the beginning of the year, the total cryptocurrency market was over $700 billion. Since then, the market capitalization of cryptocurrencies has exceeded $1 trillion.

By Jules

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