Home Coins Ethereum (ETH) MicroStrategy CEO seems to embrace Bitcoin maximalism

MicroStrategy CEO seems to embrace Bitcoin maximalism

MicroStrategy’s decision to use Bitcoin as its primary reserve currency has Michael Saylor seemingly favoring the asset over altcoins.

In a Sept. 20 tweet, the business intelligence company’s CEO stated that he considers Bitcoin (BTC) to be a crypto asset network, unlike tokens like Ethereum (ETH) or stablecoins, which he referred to as “crypto-application networks.”

Posting a chart from analytics site Bitcoin Dominance, the CEO claimed that the coin’s dominance “has advanced from a low of 71.05% on December 20, 2017 to 93.57% today.”

However, Saylor is intentionally selective when it comes to this data. Bitcoin Dominance’s figures do not include initial coin offerings or stablecoins, but rather “only includes coins using proof-of-work that are attempting to be money.”

According to CoinMarketCap, which takes stablecoins like Tether (USDT) into account, Bitcoin’s dominance was at a yearly low of 56.67% as of Sept. 13, while Messari shows the metric closer to 59%. Both are far from the 93% dominance Saylor tweeted. Ethereum and DeFi have been driving alt season this year, as the 10 largest DeFi tokens now represent a market cap of roughly $9 billion compared to Bitcoin’s $200 billion.

Though initially claiming “Bitcoin’s days are numbered” in 2013, Saylor has turned bullish on the crypto asset in recent weeks following MicroStrategy’s purchase of $250 million worth of BTC as a reserve currency in August. He announced on Sept. 14 that the firm subsequently bought an additional $175 million of BTC.

“Bitcoin scales just fine as a store of value.”

Saylor isn’t alone in the crypto community in discounting the vast majority of altcoins. Emin Gün Sirer, the creator of the first proof-of-work-based crypto, said in April that Bitcoin maximalists are correct to label “95% of the things out there as scams.”

“They’ve just recycled something that belongs to someone else,” he said.



Source link

- Advertisement -
Mr Bitcointe
Mr Bitcointehttps://www.bitcointe.com/
“Fact You Need To Know About Cryptocurrency - The first Bitcoin purchase was for pizza.” ― Mohsin Jameel
474FansLike
76FollowersFollow
4,567FollowersFollow
5,261FollowersFollow
1,549FollowersFollow
2,230SubscribersSubscribe
USD - United States Dollar
EUR
1.17
GBP
1.30
CHF
1.10
NOK
0.11
JPY
0.01
CAD
0.75
AUD
0.71

Most Popular

Coinbase’s crypto debit card is launching in the U.S. and lets users earn back bitcoin

Crypto exchange Coinbase is launching a Visa debit card in the U.S. next year.  Sharing the news with The Block on Wednesday, Coinbase said...

Avalanche Partners with Encode Hack Club for a 10-Week Hackathon for Academia | by Jay Kurahashi-Sofue | Ava Labs | Oct, 2020

“Developers, developers, developers!” Most notably chanted by the former CEO of Microsoft Steve Ballmer, we’re in agreement with him. He was right. Without...

NYSE’s former regulation head takes crypto job at Andreessen Horowitz

A senior regulation executive at the world’s largest stock exchange is moving into the cryptocurrency industry.Anthony Albanese, a former chief regulatory officer at...

Ontology Weekly Report (October 20–27) | by The Ontology Team | OntologyNetwork | Oct, 2020

Back-end- Completed 20% of Wasm-NeoVm cross-protocol debugging tool updateProduct DevelopmentONTO- The ONTO team launched a giveaway on @ONTODataWallet’s Twitter account. To enter, users can...
bitcoin
Bitcoin (BTC) $ 13,150.97
ethereum
Ethereum (ETH) $ 385.05
ripple
XRP (XRP) $ 0.246309
tether
Tether (USDT) $ 1.00
bitcoin-cash
Bitcoin Cash (BCH) $ 274.90
bitcoin-cash-sv
Bitcoin SV (BSV) $ 171.52
litecoin
Litecoin (LTC) $ 56.13
eos
EOS (EOS) $ 2.66
binancecoin
Binance Coin (BNB) $ 30.42
okb
OKB (OKB) $ 4.60
tezos
Tezos (XTZ) $ 2.01
leo-token
LEO Token (LEO) $ 1.29
cardano
Cardano (ADA) $ 0.098024
monero
Monero (XMR) $ 126.82
stellar
Stellar (XLM) $ 0.079576
chainlink
Chainlink (LINK) $ 11.40
huobi-token
Huobi Token (HT) $ 4.22
tron
TRON (TRX) $ 0.026926
usd-coin
USD Coin (USDC) $ 1.00
dash
Dash (DASH) $ 68.04
neo
NEO (NEO) $ 16.01
iota
IOTA (MIOTA) $ 0.264436
nem
NEM (XEM) $ 0.091991
zcash
Zcash (ZEC) $ 58.38
maker
Maker (MKR) $ 540.87
paxos-standard
Paxos Standard (PAX) $ 1.00
ethereum-classic
Ethereum Classic (ETC) $ 5.31
vechain
VeChain (VET) $ 0.010702
true-usd
TrueUSD (TUSD) $ 0.999970
ftx-token
FTX Token (FTT) $ 3.74
kucoin-shares
KuCoin Shares (KCS) $ 0.852361
waves
Waves (WAVES) $ 3.01