MictraStrategy co-founder Michael Thaler expects Bitcoin (BTC) dominance to reach 80% in the long term as regulators crack down on other assets Said Bloomberg TV on June 13th. MicroStrategy is the largest public holder of BTC.
Bitcoin currently holds around 48% dominance in the cryptocurrency market, meaning that BTC accounts for almost half of the $1 trillion+ market. crypto slate data.
Sailer said:
“MicroStrategy’s view since 2020 has been that Bitcoin is the only institutional investable asset in the crypto space. It’s a product.”
Thaler believes regulators are not seeing a “legitimate path forward” for stablecoins, cryptocurrency securities and cryptocurrency derivatives. This month, the U.S. Securities and Exchange Commission (SEC) designated 19 crypto assets as securities in a lawsuit against Binance and Coinbase.
Thaler said U.S. regulators have a “pretty constrained” view of cryptocurrency exchanges. He said that according to regulators, exchanges should only trade and hold “purely digital products” like Bitcoin, adding:
“So the whole industry is destined to streamline into a bitcoin-centric industry with six to 12 other proof-of-work tokens.”
that’s all 25,000 tokens tracked crypto slate, CoinMarketCap, CoinGecko, and Thaler said the massive amount of cryptocurrency tokens was causing chaos in the industry. Most of these tokens are trying to position themselves as “the next bitcoin, or even better bitcoin,” Thaler said.
But as regulators crack down on tokens, investors will realize that “the next bitcoin is just bitcoin,” Thaler said. Therefore, he predicted that the price of Bitcoin would rise. he said:
“The next logical step is for Bitcoin to multiply tenfold from here, and then tenfold further.”
Thaler also said he sees some bullish signs close to Bitcoin. The “transparency” coming from changes in accounting standards, the upcoming Bitcoin halving, the hash rate explosion, and the SEC’s recent moves are “laying the groundwork for the next bull market.”
U.S. Crypto Exchanges Would “OK” To Focus Only on Bitcoin
Thaler said that “huge institutional money” is currently not flowing into the crypto space due to “turmoil and uncertainty.” He believes institutional money will flood the sector as regulatory clarity clears up this confusion and uncertainty.
Eventually, US crypto exchanges will find Bitcoin to be the “truly dominant asset.” He added that with Bitcoin’s price rising tenfold, it would be “no problem” for the exchange’s business model to focus solely on Bitcoin.
Similarly, cryptocurrency exchanges have a “great need” to help people and institutions buy, sell and hold Bitcoin. That need “will not go away,” Thaler said. In fact, he thinks this could be “great business” for exchanges.
