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- Michael Saylor, chief executive officer of Microstrategy, an American business intelligence firm, contributed to the debate on the latest version of the cryptocurrency bill by the European Union.
- Microstrategy CEO believes the initiative is going to be “a trillion-dollar mistake.” The last-minute correction aims to reduce the use of proof-of-work and other consensus mechanisms.
- American stockbroker Peter Schiff, replying to Saylor’s comment, said the leading cryptocurrency by market cap, Bitcoin, is worthless.
In a recent tweet, Michael Saylor, CEO of Microstrategy, a business intelligence firm, commented on the latest version of the cryptocurrency bill by the European Union, which is being issued to mitigate the use of the proof-of-work consensus mechanism.
According to Saylor, the initiative would be “a trillion-dollar mistake.” His statement came in accordance with other prominent members of the cryptocurrency industry who have voiced their dissent against the restricting provision.
The Amendment Will Have An Impact Within The Industry
After the previous amendments were abandoned due to backlash, the last-minute fix aimed to limit proof-of-work cryptocurrencies. Analysts arrived at the conclusion that no matter the impact on the cryptocurrency industry within the industry, it is going to be destructive.
After months of debates, EU lawmakers are scheduled to vote on the bill on Monday.
Proof-of-work and other consensus algorithms would be given discriminatory treatment if the potential ban was implemented. Saylor still believes that the regulators should deem all non-energy-based cryptocurrencies as unregistered securities.
At the time of writing, MicroStrategy owns more than 125,051 Bitcoins that are worth roughly $4.8 billion. A Virginia-based company, Tysons, is the biggest corporate holder of the flagship currency by a huge margin.
Bitcoin Worthless Says This American Investor
Gold bug Peter Schiff was quick to notice Saylor’s latest comment on Bitcoin. Peter believes that the flagship currency does not hold any worth as it generates no “real value.”
Further, Schiff backs his statement with an example; he says that if it takes him hours to dig a hole and an equivalent amount of time to hours to fill it again with dirt, the work does not produce any value. According to Schiff, Bitcoin does not channelize energy but instead wastes it.
Further, Schiff argues that the leading cryptocurrency only aims to be lucrative to new buyers facilitating holders to sell it at a higher price. The Bitcoin critic has again and again described Bitcoin as a pyramid scheme.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
