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The bitcoin price has rebounded after a steep sell-off, helped by Congress introducing a potentially game-changing crypto bill that could radically change the regulatory landscape for bitcoin and ethereum.
Now, Michael Saylor, the founder of the world’s largest corporate bitcoin holder, has joined the Winklevoss twins in predicting bitcoin will explode out of its current bear market—something that could happen “very quickly.”
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The bitcoin price has become stuck in rut following last year’s huge bitcoin, ethereum and crypto … [+]
“I have confidence that the crypto exchanges will come around to realizing that bitcoin really is the dominant asset in this space, and their business models are fine when bitcoin goes up by a factor of 10,” Saylor told Bloomberg, predicting that bitcoin’s dominance, a measure of bitcoin’s weight of the market compared to ethereum and smaller cryptocurrencies could surge as high as 80% from its current near-50%.
Saylor said he expects crypto exchanges and trading platforms will consolidate around bitcoin in the aftermath of this month’s bombshell Securities and Exchange Commission (SEC) lawsuits against two of the biggest exchanges, Binance and Coinbase.
“The entire industry is kind of destined to be rationalized down to a bitcoin-focused industry, with maybe a half a dozen to a dozen other proof-of-work tokens,” Saylor said.
Meanwhile, the billionaire Winklevoss twins, Cameron and Tyler, who turned to bitcoin and crypto after playing a part in the founding of Facebook, have said they still expect bitcoin to “disrupt” the gold market, predicting bitcoin will eventually surge to a price of $500,000 per bitcoin, giving it a market capitalization of around $10 trillion.
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The bitcoin price has crashed back from its peak of almost $70,000 per bitcoin but remains far … [+]
“If you look at the value increases in bitcoin, it is this punctuated equilibrium where it is steady, steady, steady,” Cameron Winklevoss told The National earlier this month. “And then boom—it reaches a new price level. That is the new normal. So, it could happen very quickly.”
The twins shrugged of the bitcoin, ethereum and crypto price winter that’s caused chaos for some of the biggest crypto companies and exchanges over the last year.
“It is still going to be the best investment of this decade,” Cameron Winklevoss added. “Bitcoin is similar to a honey badger. Whatever does not kill it, makes it stronger. And it has been through a lot.”