BTC bear Ethereum is “clearly” security, says Michael Saylor
MicroStrategy CEO and Bitcoin (BTC) side Michael Siler said Ethereum (ETH) is “obviously” security because it downplays the branding of BTC as a single commodity in the crypto industry. In an interview with Altcoin Daily, U.S. Senators Kirsten Gillibrand and Cynthia Loomis, as well as key figures from the Securities and Exchange Commission (SEC) and commodity futures, asked Silver about the classification of BTC and ETH as commodities. Trade Commission (CFTC). Saylor explained in detail the fundamental differences between the Bitcoin and Ethereum networks, as he suggested that only the former has remained unchanged over the years.
The company’s CEO argued that the constant need to update the software on a network managed by a group or organization shows that ETH is secure. He pointed to the long-delayed development of a hard bomb, which he said “killed” the entire ETH mining industry. According to Siler, for a digital asset to be classified as a commodity, it must be “supported by a fully decentralized protocol where no one can change it even if they would.” “For it to be a commodity, there can be no supplier, and the truth is that no decision can be made. I mean, one of the fundamental ideas in the crypto industry is that security is created by the fact that you can change it. Bonds are commonly known as convertible and marketable financial instruments used to raise capital in the public or private markets.
Despite Seiler’s arguments, the Bitcoin network has undergone many upgrades over the years. One of the most notable in recent history was the pivotal software fork in November 2021, which aimed to improve Bitcoin’s privacy scenarios and capabilities. When asked about his thoughts on other high heels like Cardano’s native ADA sign, Seiler echoed his feelings. MicroStrategy has stated that one of the main reasons it favors Bitcoin over other cryptocurrencies is that it is concerned that high coins are incompatible with security tokens. Saylor’s MicroStrategy continued to hold bitcoin despite the asset’s reserve value in 2022, and as of June 29, the company held 129,699 bitcoins, valued at $ 3.98 billion.