MicroStrategy, a business analytics firm, is now moving towards Bitcoin and it is quite clear with the latest tweet by its CEO. Michael Saylor, CEO of the firm, has stated in a tweet that he considers Bitcoin as a crypto asset network. According to him, other tokens like Ethereum or stablecoins are not crypto asset networks, rather they are crypto-application networks.
While claiming this, he also posted a chart regarding the dominance of Bitcoin in the current market. He has stated that the dominance of Bitcoin has now increased to 93.57%, which was at 71.05% in December, 2017.
When considering network dominance in the crypto industry, I find it clarifying to separate crypto-asset networks like #Bitcoin from crypto-application networks like Ethereum & stablecoins. Bitcoin dominance has advanced from a low of 71.05% on December 20, 2017 to 93.57% today. pic.twitter.com/03cbWVyoLY
— Michael Saylor (@michael_saylor) September 20, 2020
MicroStrategy CEO is Quite Selective With This Data
It has been noted that MicroStrategy CEO seems to be quite selective regarding the data that he has shared. In this data, initial coin offerings or stablecoins have not been included. Rather, it has considered only those coins that are using proof-of-work, which attempts to be money.
CoinMarketCap, which is another market analyst, counts stablecoins in its data. According to this firm’s data, on September 13, Bitcoin’s dominance has been counted at an early low of 56.67%. There is another analytic firm, Messari which has also shown dominance at 59%, which is quite close to that of CoinMarketCap’s findings. However, the analysis by the MicroStrategy CEO is quite different from both of these firms.
Ethereum and Defi Driving The Alt Season
Currently, it has been seen that both Ethereum and Defi are driving an alt season. This is because the ten largest Defi tokens across the world are having a market capitalization of around $9 billion. It has not been much time since MicroStrategy CEO started talking bullish about Bitcoin. Back in August, the firm purchased Bitcoins worth $250 million and since then Saylor has been quite bullish about crypto. The firm had also purchased additional $175 million worth Bitcoin on September 14. According to the firm, this will also act as a reserve currency because Bitcoin works great as a store of value.