According To Michael Saylor, Eliminating Bitcoin Will Be A "trillion-dollar Blunder."

2022-03-14 | Selina Mathew

According To Michael Saylor, Eliminating Bitcoin Will Be A "trillion-dollar Blunder."

Michael Saylor, CEO of business analytics startup MicroStrategy, recently tweeted his thoughts on the most current version of the European Union's cryptocurrency law, which attempts to restrict the usage of the proof-of-work consensus method.

Saylor called the plan a "trillion-dollar blunder," echoing the sentiments of other notable members of the bitcoin business who have stood against the heinous measure.

The very last adjustment aimed at restricting proof-of-work cryptocurrencies within the EU following the earlier version was abandoned owing to public outcry. Notwithstanding the gentler phrasing, researchers determined that it would have a disastrous impact on the bitcoin sector as a whole.

Following months of deliberation, EU legislators are set to vote on the measure on Monday.

The prospective restriction would provide preference to proof-of-stake and other consensus mechanisms that are known for their environmental friendliness. However, Saylor points out that the authority must consider all non-energy-based cryptos to be unlicensed securities.

MicroStrategy has bought about 125,051 Bitcoins, which are currently valued at around $4.8 billion. By far the largest corporate bearer of the flagship cryptocurrency is the Tysons, a Virginia-centered firm.

Saylor's latest statements regarding Bitcoin behaving as digital property have not gone ignored by gold bug Peter Schiff. The second contends that Bitcoin is essentially useless since the effort produces "no real value."

The Bitcoin detractor went on to claim that Bitcoin destroys energy rather than directing it.

Schiff underlined that the leading cryptocurrency is just intended to lure fresh purchasers in order for holders to trade it at a premium cost. Bitcoin has been labeled as a pyramid scam by the permabear on several occasions.

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