Michael Saylor Cautions EU Lawmakers Against Banning Bitcoin
"Trillion Dollar Mistake"
In a recent tweet, Michael Saylor, chief executive officer of business intelligence firm MicroStrategy, has weighed in on the recent version of the European Union’s cryptocurrency bill, which aims to limit the use of proof-of-work cryptocurrencies like Bitcoin (BTC).
The potential ban, however, gives preferential treatment to proof-of-stake and other consensus mechanisms that require less energy usage. Saylor, however, notes that all non-energy-based cryptocurrencies must be deemed as unregistered securities by the regulator until proven otherwise.
In fact, according to him, banning digital properties like Bitcoin (BTC) will be “a trillion-dollar mistake.”
“The only settled method to create digital property is via Proof-of-Work. Non-energy based crypto approaches like Proof-of-Stake must be deemed to be securities until proven otherwise. Banning digital property would be a trillion dollar mistake,” Saylor wrote in his tweet.
MicroStrategy is the largest corporate holder of Bitcoin with 125,051 BTCs worth around $4.8 billion at current prices.
As reported by Cryptoknowmics, the latest draft of the European Union's (EU) Markets in Crypto Assets (MiCA) report still contains a provision that could limit the usage of proof-of-work cryptocurrencies. The proposed crypto legislation is set to be voted by a European Parliament committee on Monday.