Bitcoin’s dominance is set to reach 80% in the long term as regulators crack down on other assets, MictraStrategy co-founder Michael Saylor told Bloomberg TV on June 13. MicroStrategy is the largest public holder of $BTC.
Previously reported: Bitcoin Dominance Highest Level Since April 2021 for Nearly Half the Crypto Market
Saylor said:
“MicroStrategy’s view since 2020 has been that the only institutional-grade investable asset in the crypto space is Bitcoin. Bitcoin is the universally, globally-acknowledged digital commodity in this industry.”
Saylor also communicated that he sees a few bullish signs for Bitcoin on the horizon. The change in accounting standards, the upcoming Bitcoin halving, the explosion of hash rate, and the “clarity” that has come from the SEC’s recent moves are “laying the foundation for the next bull run.”
Regarding the accouting standard, FASB (Financial Accounting Standards Board) is proposing a new standard to record crypto asset value. The new plan requires companies that hold or invest in cryptocurrency to report crypto assets at fair value, a measurement that aims to capture the current value of an asset. While the potential new standard would inject volatility into the earnings of companies heavily invested in crypto, it’s an improvement over current practice.
Companies currently only get to record declines in crypto values, never recoveries if the price rebounds.
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