MicroStrategy CEO Michael Saylor said recent actions by US regulators indicate that the cryptocurrency industry is moving towards a bitcoin-focused industry.

“Since 2020, MicroStrategy believes that the only institutional-grade asset is bitcoin,” Saylor added in an interview with Bloomberg on Tuesday. “It is very clear that regulators do not see a legitimate way forward in the cryptocurrency space… so the entire industry is destined to move into a bitcoin-focused industry.”

SEC Lawsuits Against Binance and Coinbase

SEC lawsuits are destroying the wealth of cryptocurrency billionaires. What happened?

Over the past week, the Securities and Exchange Commission (SEC) has filed lawsuits against Binance and Coinbase, the two largest cryptocurrency exchanges by market cap.

The Logical Next Step for Bitcoin

Saylor said that the “logical next step” for Bitcoin would be to increase its value 10 times to $250,000.

“Ultimately, I’m confident that crypto exchanges are really realizing that bitcoin is the dominant asset in this space and that their business models are good when bitcoin grows 10x,” Saylor said.