MicroStrategy’s decision to make Bitcoin its main reserve currency Michael Saylor seems to prefer the asset to altcoins.
In a tweet on September 20th the CEO of the business intelligence company explained Who Consider Bitcoin (BTC) as a Network of Crypto Assets? In contrast to tokens like Ethereum (ETH) or stablecoins what he called “Cryptocurrency Application Networks”.
Publish a chart from the analytics page Bitcoin dominance, The CEO claimed that the currency was dominating “It has risen from a low of 71.05% on December 20, 2017 to 93.57% today.”
When I look at network dominance in the crypto industry, I find it clear to separate crypto asset networks like #Bitcoin from crypto application networks like Ethereum Stablecoins. Bitcoin dominance has risen from a low of 71.05% on December 20, 2017 to 93.57% today. pic.twitter.com/03cbWVyoLY
– Michael Saylor (@michael_saylor) 20th September 2020
Saylor is deliberately selective when it comes to this data, however. The numbers for Bitcoin dominance do not include ICOs (Initial Coin Offerings) or stablecoins, but “only coins that use proof of work that are meant to be money”.
According to CoinMarketCap, which takes into account stable coins like Tether (USDT), Bitcoin’s dominance was at an annual low of 56.67% on September 13. while Messari shows the metric close to 59%. Both percentages are a long way from the 93% championship Saylor tweeted about. Ethereum and DeFi are pushing the altcoin season this year, since the 10 largest DeFi tokens They now represent a market cap of around $ 9 billion compared to $ 200 billion for Bitcoin.
Although he said that at the beginning “The days of Bitcoin were numbered” in 2013, Saylor has become an active crypto bull in recent weeks after MicroStrategy bought $ 250 million in BTC in August to make it its reserve currency. display on September 14th that The company then bought an additional $ 175 million in BTC.
“Bitcoin can be scaled very well as a store of value.”
Saylor is not alone in the crypto community when discarding the vast majority of altcoins. Emin Gün Sirer, the creator of the first proof-of-work crypto, said that in April Bitcoin maximalists are right when they call “95% of things out there scams”.
“They just recycled something that belongs to someone else” said.