Will Crypto Competitors Surpass Bitcoin? Here’s the Truth About BTC’s Dominance, According to Michael Saylor
MicroStrategy CEO and Bitcoin bull Michael Saylor is outlining whether other digital assets have a chance at usurping BTC as the most dominant cryptocurrency.
In a CNN interview, Saylor says there has never been an entity in history that has grown as large as Bitcoin and failed. The billionaire adds that Bitcoin is more dominant in its space today than some of the world’s biggest technology unicorns were before they rose to prominence.
“There’s no historic precedent for a network that got to hundreds of billions of dollars that was fifty times bigger than its next best competition ever failing. You could’ve predicted Google, Facebook, Amazon, Apple as being successful by 2010 because they had already dominated their markets, but they have a decade of growth ahead of them. Bitcoin is more dominant today than any of those companies were when they started their run.”
Saylor also believes that Bitcoin’s core technology and architecture give it an unbeatable superiority over any other crypto or financial product.
“If what you want to do is save money and give it to your children and your grandchildren, then you need something that’s sound and sound starts with thermodynamically sound. The proof-of-work architecture is by far the best architecture to design something that will be decentralized and secure and maintain its integrity over long periods of time…
Bitcoin is the dominant crypto asset network and if you want a long-duration asset that’s going to last for a hundred years, you need to completely decentralize it and make it permissionless and you need to also thermodynamically embed it in the firmament of the world. So the architecture of Bitcoin ensures that it will be embedded in the reality of the laws of physics because it uses energy, and it also ensures that it will be politically supported because there are actually facilities in political jurisdictions that are supported by those governments.”
Saylor turned heads earlier in the week when he led the initiative with Tesla CEO Elon Musk to create the Bitcoin Mining Council, amid concerns about BTC’s energy consumption. The council aims to “promote energy usage transparency and accelerate sustainability initiatives worldwide,” and involves members from prominent mining companies such as Argo Blockchain, Blockcap, Core Scientific, Galaxy Digital, HIVE Blockchain, Hut 8 Mining, Marathon Digital Holdings, and Riot Blockchain.
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Author: Daily Hodl Staff