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Tuesday, October 4, 2022

Ethereum Will Destroy Financial Institutions

It’s evident that cryptocurrency is rivalling the financial industry already.  But why exactly Ethereum, the number one altcoin, will destroy it? The MicroStrategy  SEO Michael Saylor will explain it to us today. Apparently, he sees Ethereum as a dangerous competitor to the financial industry. Thanks to CNBC’s Fast Money episode,  we found out the billionaire has room in his heart for other cryptocurrencies aside from Bitcoin. 

He shared his views on the industry and where he sees things going in the future. In the interview, Saylor was initially asked why his company keeps buying BTC.  The question was due to the company’s June 14 statement it may sell up to $1 billion worth of stock for the following BTC acquisitions.

Saylor declared Bitcoin is a “digital gold on a big tech network,” predicting it will be adopted by billions of people worldwide. However, the most interesting comments in the interview came when Fast Money co-host  Guy Adami bought up the term “Bitcoin maximalism” after Googling it.

He examined Saylor for his thoughts on Ethereum and asked if there was room in the firm’s strategy for ETH. Saylor said he considers Bitcoin as “digital property” and the most valuable and dominant network, linking it to the building block foundations of the ecosystem: “Think of it as like granite blocks in cyber Manhattan.

Then you’ve got digital currency that is like Tether and stablecoins, they want to be money markets in cyberspace. Then you’ve  got digital applications like Ethereum.”

Additionally, he says that “Ethereum wants to dematerialize the JP Morgan building and the banking establishment and all of the exchanges,” Saylor asserted that there was a place for different crypto assets, adding: “I think that as the market starts to understand these things, there’s a place for everybody.

“Microstrategy CEO did not suggest that the company make any moves to buy Ethereum or other crypto assets soon. In a communication with the U.S.

Securities and Exchange Commission, MicroStrategy said it would be launching an “at the market” securities offering. It could allow it to sell up to $1 billion of its stock over time! A couple of days before, the firm announced that it had completed its $500 million offerings of secured notes and declared it plans to use the proceeds to buy more Bitcoin.

Saylor outlined his ideas in a poll of his 1.2 million Twitter followers,  asking them if they believe BTC prices would exceed 6.125% over the next seven years. Surprisingly, 105,000 respondents had voted yes at the time of writing!  That’s how much MicroStrategy has to pay back to bond buyers over time.

Looks like Michael Saylor is not the only one who believes Ethereum will destroy financial institutions. Bitcoin Treasuries shares that  MicroStrategy currently holds 92,079 BTC, worth approximately $3 billion at current prices.

Read More: 100x Altcoin Moonshot Still Possible!?

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