Veröffentlicht von • Michael Saylor, co-founder of MicroStrategy, believes that the crypto industry will become Bitcoin-focused due to regulation from the US Securities and Exchange Commission.
• Bitcoin’s market dominance has increased to 47% as institutional funds enter the market.
• MicroStrategy has been buying more bitcoins despite the ongoing bear market and currently holds over 138,900 BTC.
Crypto Industry Becoming BTC-Focused
Michael Saylor, co-founder of MicroStrategy, believes that the cryptocurrency industry is destined to become BTC-focused due to regulations from the US Securities and Exchange Commission (SEC). He stated that SEC view is for crypto exchanges should trade and hold pure digital commodities such as bitcoin. This means that there could be only a few other proof of work tokens in addition to Bitcoin in the near future.
Bitcoin’s Market Dominance
Bitcoin began 2021 with a 40% market dominance but it has now risen above 47%. Saylor believes that it could reach up 80% as more institutional funds enter into the market after confusion and anxiety fades away.
MicroStrategy Buying More Bitcoins
Despite the current bear market conditions, MicroStrategy has been purchasing more bitcoins. In March of this year, they bought 6,455 bitcoins worth $150 million which brings their total holdings up to 138,900 BTC at present.
Price of Bitcoin
The world’s leading cryptocurrency is currently trading at $26,001 which is down by 3% in the last seven days. The overall cryptocurrency market cap has also grown since January 2021 when it was valued at $700 billion and now stands above $1 trillion.
Conclusion
It seems that regulators are pushing for crypto exchanges to focus on bitcoin rather than other proof of work tokens and this could lead to an increase in its price over time with institutional money coming into play as well.