MicroStrategy founder Michael Saylor made a Bitcoin review that could anger users of Ethereum and altcoin in general. Speaking about Bitcoin dominance, Saylor claimed that BTC’s market share is over 90 percent.
Saylor, the founder of MicroStrategy listed on the Nasdaq index, shared a post on his Twitter account yesterday. Saylor said in this post that there is a sharp line between Bitcoin and alternative cryptocurrencies (altcoins). Saylor, who said that he does not equal Bitcoin and altcoins, made a distinction between Bitcoin and Ethereum.
Saylor also referred to an index called “Real Bitcoin Dominance Index” while making this comment. Based on this index, the founder of MicroStrategy said that Bitcoin’s dominance, which was 71 percent in December 2017, has now exceeded 90 percent.
Reaction from Ethereum Community
This Bitcoin comment from the Microstrategy founder drew strong reaction from the Ethereum community. Respondents to Saylor largely argued that the index he used was not a valid criterion. Saying that the market share of Bitcoin is actually much smaller than supposed, Ethereum supporters drew attention to the daily transaction numbers. Santi.eth gave the following reply to Saylor via Twitter:
“If we compare crypto money platforms according to their transaction fees. 9 out of every 10 transaction fees are paid to Ethereum. In terms of the number of daily transactions, Bitcoin and Ethereum go hand in hand. ”
Meanwhile, other social media users also claimed that the criteria Saylor is using is not neutral. These people accused Saylor of not being objective and taking the side of Bitcoin.
Is Bitcoin Shifting to Fanaticism?
As a billion dollar company, MicroStrategy defined Bitcoin as a reserve asset a few months ago and bought $ 250 million of BTC. Last week, the company bought another $ 125 million in BTC and increased its total reserves to $ 425 million, causing great repercussions in the cryptocurrency community.
Michael Saylor shared on Friday how they bought these Bitcoins. Last week, MicroStrategy traded for 74 hours of non-stop to buy 16,796 Bitcoins. The company, which bought 0.19 bitcoins every 3 seconds, signed 88,617 transactions during this period. However, the company also took advantage of the sudden drop in Bitcoin price and made transactions worth $ 30-50 million in just a few seconds.
MicroStrategy founder started to make very supportive shares about Bitcoin after this process. Making a statement about the usage areas of Bitcoin, Saylor gave the message that the problem with Bitcoin scaling is exaggerated.