MicroStrategy’s decision to use bitcoin as Michael Saylor’s primary reserve currency appears to favor assets over cryptocurrencies.

In a September 20 tweet, the CEO of Business Intelligence stated that he considers Bitcoin (BTC) to be a cryptocurrency network, unlike tokens such as Ethereum (ETH) or stablecoins, which he calls “crypto application networks”. ”

After publishing a chart from Bitcoin Dominance, the CEO said the coin’s dominance “has risen from 71.05% on December 20, 2017 to 93.57% today”.

However, Sailor is intentionally selective about this data. Bitcoin dominance figures do not include initial coin offerings or stacked coins, but rather “only coins that use evidence of business trying to be money.”

Bitcoin’s dominance has been at an annual low of 56.67% since September 13, according to CoinMarketCap, which counts stacked coins like Tether (USDT), while Messari is closer to 59%. Both are far from the 93% dominance that Sailor tweets about. Ethereum and DeFi have been operating throughout the season this year, with the top 10 DeFi tokens now representing a market value of around $ 9 billion compared to Bitcoin’s $ 200 billion.

Although it originally claimed that “Bitcoin’s days are numbered” in 2013, Sailor merged the cryptocurrency in recent weeks after MicroStrategy acquired BTC for $ 250 million as a reserve currency in August. On September 14, it was announced that the company had subsequently bought another $ 175 million in BTC.

“Bitcoin balances well as a store of value.”

Sailor isn’t the only one in the crypto community that undervalues ​​the vast majority of digital currencies. Emin Gün Sirer, the creator of the first proof-of-work cryptocurrency, said in April that Bitcoin extremists were right to call “95% of all scams out there.”

“They just rewrote someone else’s,” he said.

Source: CoinTelegraph

LEAVE A REPLY