MicroStrategy CEO Michael Saylor warned EU lawmakers against banning Bitcoin (BTC).
Michael Saylor, CEO of MicroStrategy, spoke about the European Union’s cryptocurrency bill, which aims to limit the use of the Proof of Work (PoW) consensus mechanism. Saylor described the initiative as a “trillion-dollar mistake” and used the following statements:
“The only built-in method of creating digital property is Proof of Work. Non-energy-based crypto approaches such as Proof-of-Stake should be considered securities until proven otherwise. Banning digital ownership would be a trillion-dollar mistake.”
As mentioned earlier, the last-minute fix aimed at restricting Proof of Work cryptocurrencies within the EU was shelved due to backlash. Despite the softer language, analysts concluded that this would have a devastating impact on the cryptocurrency industry.
After months of debate by EU lawmakers, the bill is scheduled to be voted on today.
The potential ban would favor Proof of Stake and other consensus algorithms, which typically boast environmental sensitivity. Still, Saylor notes that all non-energy-based cryptocurrencies can be considered unregistered securities by the regulator.
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