Bitcoin advocate Michael Saylor made comments on the market share of the leading cryptocurrency.
MicroStrategy CEO Michael Saylor said that as regulators continue to pressurize, Bitcoin’s dominance in the cryptocurrency markets will nearly double.
Michael Saylor: Bitcoin’s Market Domination Will Double
MicroStrategy CEO Michael Saylor said that as regulators continue to pressurize, Bitcoin’s dominance in the cryptocurrency markets will nearly double. According to Saylor, Bitcoin’s dominance will rise to 80 percent as other altcoins are classified as securities by regulators and their use declines. Currently, Bitcoin accounts for about 48 percent of the total value of the crypto market.
Saylor predicted in an interview with Bloomberg Television that not only Bitcoin and perhaps a few other altcoins will be considered securities and will continue to be traded on US crypto exchanges. Therefore, he thinks that Bitcoin will get stronger and see more demand compared to other altcoins.
Saylor, who expects the price of Bitcoin to increase ten times from the current level and then ten times again, believes that Bitcoin will gain even more value. Bitcoin dominance usually increases during industry cycles, while in bull markets it drops as investors pour into other altcoins.
Saylor stated that MicroStrategy company started to buy Bitcoin in 2020 and they followed a strategy to reduce their cash assets to avoid inflation. At the end of March, it was reported that the company had a total of 140,000 Bitcoins.
