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Bitcoin

Gary

In a recent Bloomberg interview, MicroStrategy co-founder Michael Saylor expressed his belief that regulatory enforcement actions targeting cryptocurrency firms in the United States will ultimately benefit Bitcoin, propelling its price to reach new heights. Saylor, a well-known Bitcoin advocate, highlighted the unique position of Bitcoin as the only cryptocurrency excluded from being <a href="https://news.todayq.com/binances-btc-outflows-significantly-larger-than-coinbase-after-the-secs-lawsuits/">classified</a> as a security by SEC Chair Gary Gensler.



According to Saylor, U.S. regulators currently lack a clear path forward for cryptocurrencies, displaying little enthusiasm for stablecoins, crypto-tokens, and crypto-based derivatives. Instead, he suggested that the regulatory landscape would rationalize the industry towards a Bitcoin-focused market, accompanied by a select few other proof-of-work tokens.




Regulatory clarity is going to drive </a>




Saylor further emphasized that the recent enforcement actions by the Securities and Exchange Commission (SEC) would serve as a catalyst for a significant surge in Bitcoin&#8217;s price. He explained, &#8220;[The SEC&#8217;s] view is crypto exchanges should trade and hold pure digital commodities like Bitcoin and so the entire industry is kind of destined to be rationalized down to a Bitcoin-focused industry with maybe a half a dozen to a dozen other proof of work tokens.&#8221; Saylor projected that Bitcoin would experience a tenfold increase in value from its current level and then another tenfold increase in the future.



One possible indication of Bitcoin&#8217;s growing dominance is its increased market share, rising from 40% to 48% in 2023, as Saylor attributed it in part to the SEC&#8217;s enforcement <a href="https://news.todayq.com/us-sec-slams-a-lawsuit-on-coinbase-months-after-the-wells-notice/">activities</a> and the agency&#8217;s classification of 68 cryptocurrencies as securities, none of which are proof-of-work tokens. Looking ahead, Saylor predicted that Bitcoin&#8217;s market share could climb even higher to 80%, driven by substantial institutional investment once the confusion and anxiety surrounding crypto dissipate.



Despite Saylor&#8217;s optimistic outlook, he has faced criticism in the past, especially during the November 2022 crypto market downturn triggered by the FTX saga. Nevertheless, historical data shows Bitcoin&#8217;s resilience compared to traditional indices. From August 10, 2020, until the present day, Bitcoin has <a href="https://news.todayq.com/despite-falling-prices-microstrategys-co-founder-supports-bitcoin-as-it-outperforms-other-indices/">outperformed</a> the S&amp;P 500 and Nasdaq, growing by 40% while the S&amp;P 500 and Nasdaq recorded growth rates of 18% and 2%, respectively.




For those keeping score, </a>




The correlation between Bitcoin and traditional indices, such as the Nasdaq, has been an area of interest. Some analysts argue that recent trends suggest a <a href="https://news.todayq.com/bitcoins-long-term-holders-accumulate-as-correlation-with-nasdaq-keeps-declining/">loosening correlation</a>, while others remain cautious. Markus Thielen, Matrixport&#8217;s Research and Strategy Head, noted that based on the historical relationship with tech stocks (Nasdaq), Bitcoin&#8217;s price should have surpassed $30,000. However, the lack of large outstanding shorts in Bitcoin could lead to a potential divergence between the two.



MicroStrategy&#8217;s long-standing <a href="https://news.todayq.com/microstrategy-ceo-michael-saylor-says-bitcoin-is-going-to-be-the-core-to-tech-innovation/">support</a> for Bitcoin has been evident, with CEO Michael Saylor previously stating that their high bet on Bitcoin, even resorting to the debt markets to back it, represents the &#8220;highest upside, lowest risk approach&#8221; the company can pursue.



As the regulatory landscape evolves and enforcement actions target cryptocurrency firms, Bitcoin&#8217;s resilience and unique position as a non-security crypto asset continue to draw attention. The potential rationalization of the crypto industry into a Bitcoin-focused market, along with the loosening correlation between Bitcoin and traditional indices, sets the stage for an exciting period of growth and development in the wider crypto sector.
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Michael Saylor: Enforcement actions favor Bitcoin as SEC targets Crypto firms

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