Michael Saylor Calls Enforcement of the Crypto Industry in the US Can Drive Bitcoin Price

Liputan6.com, Jakarta Amidst crypto regulatory enforcement actions in the US. Michael Saylor of MicroStrategy believes the United States crypto industry is poised for a Bitcoin-focused future.

In an interview on Tuesday, June 13, 2023 Saylor mentions the recent enforcement of the US Securities and Exchange Commission (SEC) laying the foundations for another bull run or driving the price of Bitcoin.

“Regulatory clarity will drive Bitcoin adoption by removing the confusion and anxiety that has hampered institutional investors,” said Saylor, quoted from Yahoo Finance, Wednesday (14/6/2023).

Saylor added that there is currently a flurry of crypto securities that regulators “don’t see the right way forward” in the United States. This makes the view of the regulators related to crypto very limited.

“They have a very limited view of crypto exchanges. Their view is that crypto exchanges should trade and store pure digital commodities like Bitcoin,” said Saylor.

The SEC sued Coinbase, the largest crypto exchange in the US last week, alleging the company had listed more than a dozen securities on its platform without registering as a securities exchange.

The SEC has labeled various cryptocurrencies other than Bitcoin as securities. As such, Saylor believes a regulatory crackdown on stablecoins and other tokens will likely send Bitcoin’s long-term dominance back above 80 percent of the total crypto market.

Saylor’s company is one of the world’s largest Bitcoin holders, now owning 140,000 BTC purchased at an average price of USD 29,803 or equivalent to IDR 443.3 million (assuming exchange rate of IDR 14,874 per US dollar) per coin.

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