Michael Saylor, the co-founder and former CEO of MicroStrategy, believes regulatory clarity in the US surrounding digital assets would drive up the price of Bitcoin.
Saylor predicted that the flagship cryptocurrency would increase by 10x in value as the public realizes “that Bitcoin is the next Bitcoin,” he said during a recent interview with Bloomberg.
“The public is beginning to realize that Bitcoin is the next Bitcoin,” the Bitcoin advocate said. “The next logical step is for Bitcoin to 10x from here, and then 10x again.”
Saylor argued that the recent crypto crackdown by the US Securities and Exchange Commission (SEC) is “laying the foundation” for the next Bitcoin bull run.
He mentioned that the SEC has categorized some of the most popular altcoins, including Solana (SOL), Cardano (ADA), and Polygon (MATIC), among others, as securities while ruling out Bitcoin as the only cryptocurrency that is definitely not a security.
“Regulatory clarity is going to drive Bitcoin adoption by eliminating the confusion and anxiety that has been holding back institutional investors,” the Bitcoin bull said.
He added that much of that confusion stems from other “crypto securities” for which regulators “don’t see a legitimate path forward” in the United States.
“They have a view of crypto exchanges which is far constrained. Their view is crypto exchanges should trade and hold pure digital commodities like Bitcoin.”
In an interview last year, Saylor classified every coin that enables staking or uses the proof-of-stake (PoS) mechanism as digital security.
“It has been explicitly stated by the regulators if there is a stake and it generates yield it’s an investment contract and an investment contract is a security,” he said at the time, mentioning that Ethereum is a security, due to having an ICO, pre-mine, and management team.
It is worth noting that Saylor’s MicroStrategy is one of the largest public holders of Bitcoin, so much so that many consider it a Bitcoin proxy.
The company now has 140,000 BTC, bought at an average price of $29,803 per coin.
SEC Sues Binance and Coinbase, Classifies Major Cryptos as Securities
Last week, the SEC sued both Binance, the world’s largest cryptocurrency exchange, and Coinbase, the largest US-based cryptocurrency exchange.
The commission filed 13 charges against Binance and its US affiliates, ranging from allegedly operating as an unregistered exchange to offering unregistered securities.
The regulator also levied similar charges against Coinbase, claiming that it operated as an exchange, broker, or clearing agency without the required registrations.
In each case, the SEC noted that several tokens listed by the exchanges are unregistered securities, including dozens of popular cryptocurrencies.
These include Binance’s native token BNB, Solana’s SOL, Cardano’s ADA, Polygon’s MATIC, Filecoin’s FIL, Cosmos’ ATOM, Sandbox’s SAND, Decentraland’s MANA, Algorand’s ALGO, Axie Infinity’s AXS, and Coti’s COTI tokens.
In response to the SEC ruling, brokerage firm Robinhood has delisted Cardano, Polygon, and Solana.
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