Following the labeling of several crypto assets as securities by the US Securities and Exchange Commission (SEC), investors have been wondering what would become of crypto assets including Bitcoin (BTC).
In a new Bloomberg interview, Michael Saylor, the founder and executive chairman of MicroStrategy predicts the future of cryptocurrencies.
“Regulators Don’t See a Legitimate Path For Cryptocurrencies”
According to Michael Saylor, the current happenings in the crypto space shows that the SEC does not see a legitimate path for cryptocurrencies other than Bitcoin.
Michael Saylor noted:
“I think it’s pretty clear that the regulators don’t see any legitimate path forward for cryptocurrencies like the stablecoins, crypto securities like the tokens mentioned…
“They don’t have any love for crypto derivatives. They don’t have any love for crypto assets.”
Retailers are Starting to Realize Bitcoin’s Unique Position
Saylor added that the policies currently being imposed by the regulators on cryptocurrency have made Bitcoin unique from the 25,000 other crypto assets in the crypto space.
Consequently, retailers are starting to realize that no cryptocurrency can replace Bitcoin.
“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,” Saylor said
Bitcoin (BTC) to Explode by 1000%
Speaking on Bitcoin’s current invaluable position in the crypto space, Michael said that Bitcoin’s uniqueness would serve as a catalyst that will trigger Bitcoin to explode by 1000% from its current value.
In his words, “The next logical step is for Bitcoin to 10x from here and then 10x again.”