US Regulation Pushes Bitcoin to Take Center Stage
"Recent US regulation drives crypto industry to concentrate on Bitcoin," states Michael Saylor.
The leader of MicroStrategy, Michael Saylor, believes that the US government's recent actions are pushing the cryptocurrency market to concentrate mainly on Bitcoin (BTC). In a chat with Bloomberg, Saylor argued that only Bitcoin has the necessary characteristics for major institutions to invest in.
He also thinks that the government's actions discourage other cryptocurrencies, foreseeing the market will focus mostly on Bitcoin and a few other similar types of cryptocurrencies.
This idea comes after the US Security and Exchange Commission (SEC), a government body, took legal actions against Binance and Coinbase, the two most significant cryptocurrency exchanges. Of the 19 different types of cryptocurrencies mentioned in the legal actions, Bitcoin was not included. This supports the SEC leader Gary Gensler's previous statements, treating Bitcoin as a commodity, a basic good used in commerce that is interchangeable with other goods of the same type.
