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MicroStrategy's decision to use Bitcoin as its main reserve currency makes Michael Saylor seem to prefer assets over altcoins.
In a tweet on September 20, the CEO of this business intelligence company stated that he believes that Bitcoin (BTC) is a network of encrypted assets, which is different from tokens such as Ethereum (ETH) or stablecoins. Call it "encrypted application network".
The CEO posted a chart on the analytics website Bitcoin Dominance, stating that the coin’s dominance “has risen from a low of 71.05% on December 20, 2017 to 93.57% today.”
However, Saylor chose deliberately when processing this data. Bitcoin Dominance's data does not include the initial coin issuance or stablecoin, but "only includes coins that attempt to become money using proof of work."
According to CoinMarketCap, this needs to be taken into account like Tether (stablecoins USDT). Bitcoin's dominance is at a low of 56.67% per year as of September 13, while Messari shows a metric close to 59%. Both are a far cry from Saylor's 93% dominance on Twitter. Revenge and DEFI have been driving the ALT season, and this year's 10 largest DEFI tokens now represent approximately $9 billion in market capitalization compared to Bitcoin's $200 billion.
Although initially claimed in 2013 that "the days of Bitcoin are over", after MicroStrategy purchased $250 million worth of BTC as a reserve currency in August, Saylor has turned to be bullish on the crypto asset in recent weeks. He announced on September 14 that the company subsequently purchased another $175 million in BTC.
"Bitcoin can expand its value reserve very well."
In the crypto community, Saylor is not alone in discounting most altcoins. Emin Gün Sirer, the creator of the first proof-of-work-based cryptocurrency, stated in April that Bitcoin's supremacyists correctly labeled "95% of things as scams."
He said: "They just recycled something belonging to others."
Article from: www.gold-typhoon.com.cn