Bitcoin BTC 0.0%, ethereum, and crypto prices have fluctuated drastically in recent weeks, owing to a potential U.S. crypto crackdown
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The bitcoin price has recovered following a severe drop, aided by the introduction of a possibly game-changing crypto bill by Congress, which may drastically alter the regulatory landscape for bitcoin and ethereum.
Now, Michael Saylor, the founder of the world’s largest corporate it holder, has joined the Winklevoss twins in predicting It will explode out of its current bear market—something that could happen “very quickly.”
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“I have confidence that the crypto exchanges will realize that bitcoin truly is the dominant asset in this space, and their business models will be fine when bitcoin goes up by a factor of ten,” Saylor told Bloomberg, predicting that bitcoin’s dominance, a measure of bitcoin’s market weight in comparison to ethereum and smaller cryptocurrencies, could rise to 80% from its current near-50%.
Saylor predicts that crypto exchanges and trading platforms will centralize around bitcoin after the Securities and Exchange Commission (SEC) litigation against two of the largest exchanges, Binance and Coinbase, filed earlier this month.
“The entire industry is kind of destined to be rationalized down to a bitcoin-focused industry, with maybe a half-dozen to a dozen other proof-of-work tokens,” Saylor said.
Meanwhile, the billionaire Winklevoss twins, Cameron and Tyler, who became interested in bitcoin and crypto after helping to found Facebook, have stated that they still believe it will “disrupt” the gold market, predicting that it will eventually reach a price of $500,000 per bitcoin, giving it a market capitalization of around $10 trillion.
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“If you look at the value increases in it, it is this punctuated equilibrium where it is steady, steady, steady,” Cameron Winklevoss said earlier this month to The National. “And then, suddenly, it reaches a new price level.” That has become the new normal. As a result, it might happen extremely quickly.”
The twins dismissed the bitcoin, ethereum, and crypto price winter, which has caused havoc for some of the largest crypto organizations and exchanges over the last year.
“It’s still going to be the best investment of this decade,” Cameron Winklevoss said. “It is like a honey badger.” Whatever does not kill it strengthens it. It’s been through a lot.”