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“Main treasury reserve asset”
It is “quite evident” that $ADA, the native token of the proof-of-stake (PoS) blockchain, is a security, according to Michael J. Saylor, Co-Founder, Chairman, and CEO of the Nasdaq-listed business analytics company MicroStrategy Inc.
As a “main treasury reserve asset,” MicroStrategy stated in a news release on August 11, 2020, that it had “bought 21,454 bitcoins at an aggregate purchase price of $250 million.”
At the time, Saylor stated:
The statement added that the decision to use Bitcoin at this time was motivated by “a convergence of macro factors affecting the economic and commercial landscape that we believe is creating long-term risks for our corporate treasury program—risks that should be handled actively.”
Since then, MicroStrategy has kept buying Bitcoin, and its CEO has developed into one of the currency’s most outspoken supporters. Saylor tweeted on June 29 about MicroStrategy’s most recent $BTC purchase, which resulted in the company currently HODLing about 129,699 bitcoins. At an average cost of $30,664 per bitcoin, these bitcoins cost $3.98 billion to purchase.
The CEO of MicroStrategy, a well-known Bitcoin maximalist, reportedly made his remarks on July 7 during an interview with the cryptocurrency market commentary program “Altcoin Daily,” according to a report by The Daily Hodl. Saylor highlighted why he thinks PoS native tokens are “extremely hazardous” since they are securities. He compared Bitcoin with a PoS coin like $ADA, claiming that Bitcoin is a “digital commodity” that can be handled differently.
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Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
