Saylor: 25,000 other Bitcoin Wannabes Caused Confusion
Business-intelligence firm MicroStrategy's Founder and Executive Chairman Michael Saylor has once again praised Bitcoin and explained why he thinks that there will be no exodus of exchanges.
In an interview with Bloomberg Crypto, an ardent fan of the mother-of-all-crypto said that once regulatory clarity has been provided, the institutional investors will have their confusion and anxiety eliminated about the crypto domain.
As a result, according to him, they’ll start investing in BTC.
Bitcoin, Saylor states, is the universally acknowledged commodity in this industry, adding that the regulators don’t have any love for crypto derivatives or crypto tokens.
"MicroStrategy's views since 2020 have been that the only institutional grade investable asset is bitcoin” he said, adding that it's pretty clear that the regulators don't see a legitimate path forward for cryptocurrencies like the stablecoins, for example.
He also added that the “entire industry is kind of destined to be rationalized down to a bitcoin-focused industry with maybe half a dozen to a dozen other proof of work tokens."
Commenting on the potential exodus of crypto exchanges from the US because of such a prospect, Saylor said that he takes a different point of view. He said that there has been a lot of confusion because of the 25,000 other cryptos in the market that are essentially Bitcoin wannabes and crypto securities.
“Now I think that the public is beginning to realize that Bitcoin is the next Bitcoin. The next logical step is for Bitcoin to 10x from here and then 10x again,” he said and added. “Eventually I have confidence that the crypto exchanges will come around to realizing that Bitcoin really is the dominant asset in this space and their business models are fine when Bitcoin goes up by a factor of 10.”
Previously, GNCrypto reported that Paradigm criticized the SEC.
