MicroStrategy’s Michael Saylor Gets Backlash After Saying This About Bitcoin

MicroStrategy’s Michael Saylor said that Bitcoin is the American Dream and he got some backlash on Twitter following this. Check out his tweet below.

“Bitcoin is the American dream.” MicroStrategy CEO 🙌 pic.twitter.com/QLzlkNhM1X

— Bitcoin Magazine (@BitcoinMagazine) March 15, 2022

Someone said: “The American dream? Give me a break. Bitcoin is for the world and not a dream for a specific country. Its for the people period.”

He also addressed what’s been going on in the EU involving the banning of PoW. Check out his tweet below.

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.https://t.co/h8FTGaGJKi

— Michael Saylor⚡️ (@saylor) March 12, 2022

CoinDesk noted in their article “The latest draft of the European Union’s (EU) proposed legislative framework for governing virtual currencies, Markets in Crypto Assets (MiCA), still contains a provision that could limit the use of proof-of-work cryptocurrencies.”

The same popular online publication also noted that Proof-of-work is the energy-intensive consensus mechanism that underlies popular cryptocurrencies like bitcoin (BTC) and ether (ETH).

It’s also important to note that the computing process has come under heavy scrutiny from lawmakers in the EU over energy concerns.

(9/9) Once again, we are going against the History. Once again, we are leaving opportunities to others while boasting of having a good regulation. If this text passes as it stands, we will pay the price in terms of our competitiveness and the interests of European citizens.

— Pierre PERSON (@Pierr_Person) March 11, 2022

The other day, after the vote, people on Twitter celebrated the victory.

BREAKING: The ECON committee of the EU Parliament just voted against the de-facto POW-ban: 32 against, 24 in favor.

Big relief & political success for the bitcoin & crypto community in the EU💪💪

Will share a breakdown of the vote and what’s next here in this thread. #Bitcoin

— Patrick Hansen (@paddi_hansen) March 14, 2022

Stay tuned for more news.