MicroStrategy founder and executive chairman Michael Saylor says he’s bullish on Bitcoin (BTC) following the U.S. Securities and Exchange Commission’s (SEC) claims that a number of high-profile crypto assets are securities.
In a new Bloomberg interview, Saylor says that a massive rise in value is likely in the cards for Bitcoin now that the general public is beginning to appreciate BTC’s unique position.
According to Saylor, retail investors are starting to realize that nothing could replace BTC.
“I think there’s been a lot of confusion because of the 25,000 other cryptos and because of all the crypto securities that have been angling to position themselves as the next Bitcoin or a better Bitcoin.
So now I think that the public is beginning to realize that Bitcoin is the next Bitcoin. The next logical step is for Bitcoin to 10x from here and then 10x again.
Eventually, I have confidence that crypto exchanges will come around to realizing that Bitcoin really is the dominant asset in this space.”
Bitcoin is trading at $25,068 at time of writing.
The Bitcoin firebrand also says that a tidal wave of institutional capital will likely flow into crypto once the space eliminates the uncertainties surrounding altcoins and stablecoins.
“I think what you’ve got to remember is the reason that we don’t have mega institutional money flowing into the space is confusion and anxiety.
When that disappears, you’re going to see mega amounts of money flow into space.”
Saylor goes on the predict that Bitcoin’s share of the crypto market cap could rise to as high as 80%.
“We can see that the dominance of Bitcoin and the crypto economy as measured by CoinMarketCap has moved from 40% to 48% this year alone.
But I think that as the stablecoins and the tokens go away, that long-term dominance is headed for 80%.”
At time of writing, BTC accounts for 49% of the total crypto market cap.
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