© Reuters
Investing.com – A regulatory crackdown on cryptocurrencies could be a boon for , which would see its market share nearly double, said Michael Saylor, co-founder of MicroStrategy.
This year alone, bitcoin’s share of the overall cryptocurrency market capitalization has increased from 40% to 48%. But as regulators target other tokens, bitcoin’s dominance will reach 80%, he added.
“I think the public is starting to realize that bitcoin is the next bitcoin,” Saylor said. “The next logical step is for bitcoin to be multiplied by 10 and then by 10 again.”
Mr. Saylor is a long-time bitcoin enthusiast, and his enterprise software company has been betting heavily on the token, amassing a stockpile of around 140,000 bitcoins.
Meanwhile, the SEC put further pressure on the crypto earlier this month, charging Binance with 13 violations of US law. At the same time, it sued Coinbase (NASDAQ:), a rival exchange, for failure to register with the SEC.
According to the SEC, tokens worth $120 billion are unregistered securities, making their offering illegal.
In its lawsuits, the regulator presented 19 tokens under scrutiny. In response, other exchanges, such as Robinhood (NASDAQ:) and eToro, removed a number of them.
The industry interpreted the regulatory actions as a reaffirmation that bitcoin is not considered a security and will not fall under the crackdown.
“I mean their view is that cryptocurrency exchanges should trade and hold pure digital commodities like bitcoin,” Saylor said of the SEC. “So the whole industry is sort of destined to be streamlined into a bitcoin-centric industry, with maybe half a dozen or a dozen more proof-of-work tokens.