Vitalik Buterin, the co-founder of the Ethereum network, came out to criticize MicroStrategy CEO Michael Saylor’s remarks regarding securities laws in the United States and how they are used to regulate the crypto space. currencies.
Saylor is popular in the crypto community for his unwavering support for Bitcoin. It is estimated that MicroStrategy holds 129,699 BTC. The company’s bitcoin holdings suffered a loss of $3.4 billion due to the ongoing crypto winter, but Saylor’s support for the coin remains unwavering.
Ethereum co-founder calls Michael Saylor a clown
On July 12, Saylor appeared on the YouTube show “Not Investment Advice”. He said most of the cryptocurrency industry had gone unsupervised for a long time, and while it was entrepreneurial, it was no longer working.
Your capital is in danger.
Saylor even referenced Celsius, a crypto lender that recently filed for Chapter 11 bankruptcy, saying the company should have disclosed its business the same as publicly traded companies. He added that the future of the crypto space would be based on ethics, technical prowess and economic viability.
Saylor believes Bitcoin is economically, ethically, and technically sound. These three principles were essential to building anything in the cryptocurrency market. One can use Bitcoin as a token or monetary asset and create on top of the monetary protocol.
Saylor’s remarks led Buterin wondering why Bitcoin maximalists chose to be represented by “total clowns” such as Michael Saylor. This isn’t the first time Buterin has called out Bitcoin maximalists, accusing them of being biased in their view of the rest of the cryptocurrency market.
MicroStrategy’s bet on Bitcoin
Saylor is not only a Bitcoin maximalist but also a Bitcoin whale. Saylor started buying Bitcoin in August 2020. At the time, he issued a press release saying the company purchased 21,454 BTC for $250 million to use as a “primary cash reserve asset.”
At the time, Saylor said the company’s decision to invest in Bitcoin was attributed to macroeconomic factors affecting the business and economic landscape. Additionally, the company’s treasury program had long-term risks that needed to be addressed proactively.
Over the past two years, MicroStrategy has continued to expand its Bitcoin holdings, with Saylor becoming one of Bitcoin’s most vocal proponents. MicroStrategy’s recent Bitcoin purchase took place on June 29. The company’s total Bitcoin holdings were purchased at an aggregate price of $30,664 per coin.
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