Peter Brandt Backs Michael Saylor’s Controversial Bitcoin Is King Statement
Internet personality and financial trader Peter Brandt appears to share the same stance as MicroStrategy founder and Chairman Michael Saylor on Bitcoin’s superiority over other cryptocurrencies.
Bitcoin As Dominant Coin Gains More Support
Brandt teasingly asked his followers if they were staking their future on crypto assets like Ethereum (ETH), Solana (SOL) and shitcoins.
“This is a one horse race,” he added. He subtly drew attention to a previous video of Saylor talking about Bitcoin’s superiority.
In this video of the MicroStrategy World 2024 conference, Saylor asserted that Bitcoin is king. He further touted the flagship cryptocurrency as one that stands alone in achieving full institutional acceptance.
Are you staking your future on ETH, SOL, memes, 8hitcoins?
This is a one horse race.
This could be the best hour you will ever spend in your life listing to Michael Saylor telling you the way it will be.
POW will win the race. No POW like $BTC @saylor https://t.co/j4LcgjcMdc— Peter Brandt (@PeterLBrandt) May 4, 2024
Furthermore, the MicroStrategy CEO described BTC as the “singular universal” crypto asset suitable for institutional-grade investments, stating that “there won’t be another one.”
Hearing a statement like this from the Bitcoin Marxist was not entirely unexpected or surprising. However, Saylor used this opportunity to take a jab at Ethereum which utilizes a Proof-of-Stake (PoS) consensus mechanism as a result of the Merge.
Michael Saylor Labels Ethereum Security
Just like the United States Securities and Exchange Commission (SEC) Chair Gary Gensler has been saying, Saylor called the world’s largest altcoin a security and not a commodity. Consequently, he stated that there was no way the U.S. SEC was going to give its approval to the spot Ethereum ETF applications that were made by top investment asset management firms.
Noteworthy, the stipulated deadline for the Commission to decide on VanEck spot Ethereum ETF filing is May 23rd, only about 19 days away. Other cryptocurrencies down the hierarchy, according to Saylor’s speculation, would eventually be classified as unregistered securities as well.
This, he claims includes Binance Coin (BNB), Solana (SOL), XRP, and Cardano (ADA).
“None of them will be included in a spot ETF, none of them will ever gain acceptance on Wall Street…” Saylor emphasized.
It appears that the PoS nature of Ethereum is the bone of contention for the SEC. This was explicitly mirrored in Brandt’s post where he claimed that Proof-of-Work (PoW), which Bitcoin utilizes, will win the “race.”
Despite these controversies, Vitalik Buterin, Ethereum co-founder, believes that the transition of the protocol from PoW to PoS was the best decision for ETH.
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