Michael Saylor: Bitcoin's Market Share Will Reach 80% in the Long Term

Michael Saylor said in a June 13 interview with Bloomberg TV that bitcoin's market share will reach 80 percent in the long term as regulators crack down on other crypto assets. microStrategy is the largest public holder of bitcoin ($BTC). 

Earlier Report: Bitcoin Market Share Nears 50%, Highest Since April 2021 

Michael Saylor said: 

 "Since 2020, MicroStrategy's view has been that the only asset in the crypto space that is suitable for institutional investment is Bitcoin. Bitcoin is a widely recognized global digital commodity in this industry. " 

Seiler also said he sees several bullish signs for bitcoin, including: changes in accounting standards, the upcoming bitcoin halving, a surge in hash rates, and the "clarity" from the SEC's recent moves setting the stage for "the next bull market " . 

Regarding accounting standards, the Financial Accounting Standards Board (FASB) is proposing a new standard for recording the value of crypto assets. Under the new plan, companies that hold or invest in cryptocurrencies would be required to report crypto assets at fair value, a metric designed to capture the current value of the assets. While the potential new standard could create volatility in the earnings of companies heavily invested in cryptocurrencies, it is still an improvement over current practice. 

Currently, companies that have invested in crypto assets can only record declines in the value of cryptocurrencies, not gains as prices rebound.