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The Next Step Is for Bitcoin to 10X From Here, Says Michael Saylor

2 mins
Updated by Michael Washburn
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In Brief

  • Michael Saylor, co-founder of MicroStrategy and self-described Bitcoin maximalist, believes Bitcoin's value will continue to rise,
  • Saylor dismisses altcoins, arguing that Bitcoin is the only institutional-grade investable asset in the crypto space.
  • The tech entrepreneur also praises recent guidance from the SEC regarding cryptocurrency.
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The co-founder of MicroStrategy and noted Bitcoin maximalist, Michael Saylor, believes the only way for Bitcoin is up. In a recent interview with Bloomberg Crypto, he was just as dismissive of altcoins as ever.

Saylor pulled no punches in his Bloomberg interview on Tuesday. He opened his comments by confirming that MicroStratgy sees Bitcoin as the “only institutional grade investable asset in the crypto space.”

Bitcoin Is the Only Game in Town, Says Saylor

Not only is Bitcoin the only option for crypto investors, but for this particular currency, the sky is the limit, Saylor argued:

“Now I think 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. Eventually, I have confidence that the crypto exchanges will come round and realize that Bitcoin really is the dominant asset in this space.”

Learn more about the world’s original cryptocurrency and why Michael Saylor is so bullish: What Is Bitcoin? A Guide to the Original Cryptocurrency

Saylor also pointed out that Bitcoin’s dominance has risen from approximately 40 to 48 percent this year alone. Bitcoin dominance refers to its market share compared to that of all other cryptocurrencies. “When the stablecoins and the tokens go away, that long-term dominance is headed for 80 percent,” he added.

Michael Saylor has long been a Bitcoin maximalist—someone who advocates for Bitcoin above all other cryptocurrencies—even using the term to describe himself last year. Maximalists (or “maxims”) actively distinguish altcoins from Bitcoin. Frequently viewing them as pale imitations of the original cryptocurrency, if not outright scams.

Saylor Praises the Clarity From the SEC

Saylor also blamed the lack of institutional investment in the space on “confusion and anxiety.”

“When that disappears, you are going to see mega amounts of money flow into this space,” Saylor added. “And the business models [of the crypto exchanges] will be fine. Just focus on Bitcoin.”

Perhaps unsurprisingly, Saylor touted the upcoming Bitcoin halving, the increased hash rate, and the “clarity that has come from the SEC” as fuel for the next bull run. Last week, in its action against Binance, the SEC labeled several top altcoins as securities. 

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Josh Adams
Josh is a reporter at BeInCrypto. He first worked as a journalist over a decade ago, initially covering music before moving into politics and current affairs. Josh first owned Bitcoin in 2014 and has followed the space ever since. He is particularly interested in Web3 adoption, policy and regulation, CBDCs, privacy, and the future of the metaverse.
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