Bitcoin's crypto market share will nearly double, MicroStrategy's Saylor predicts

Bitcoin's ( BTC-USD ) cryptocurrency market share is set to nearly double from current levels, MicorStrategy ( MSTR ) Co-Founder and Executive Chairman Michael Saylor told Bloomberg Television in an interview Tuesday. According to CoinMarketCap data , bitcoin ( BTC-USD )'s dominance of the $1.05T crypto market stood at 47.6%. But Saylor contended that its dominance will surge to 80% over the long-term, as increased regulatory scrutiny of the space reduces the use of many alt coins and stablecoins. As for its price, Saylor predicted that bitcoin ( BTC-USD ) will rise tenfold and then again tenfold from the current price of $25.8K as of shortly before 3:30 p.m. ET. The digital token traded slightly higher intraday as U.S. headline inflation rose at the slowest pace since April 2021, spurring traders to increase their bets that the Federal Reserve will skip a rate hike at its Wednesday meeting. Bitcoin's crypto market share has been trending in an upward spiral since a low of 38% last November, when Sam Bankman-Fried's FTX ( FTT-USD ) crypto exchange collapsed and roiled the crypto market. MicroStrategy ( MSTR ) is seen as a high-beta version of the price of bitcoin ( BTC-USD ) as it's the largest public holder of the crypto, holding some 140K BTC as of March 31. In other words, like many other crypto-exposed stocks, MSTR shares a strong relationship with BTC. "The accounting treatment, the upcoming halving, the explosion in the hash rate and also the clarity that has come out of the SEC as of late is actually laying the foundation for the next bull run," Saylor told Bloomberg . More on bitcoin analysis Bitcoin: The Appeal Of Enduring Boredom Why The SEC's Coinbase Lawsuit Is Great For Bitcoin Bitcoin: Fear Is In The Air