Cardano, the proof-of-work\u00a0(PoW) blockchain launched by Ethereum co-founder Charles Hoskinson, has been enjoying a strong rally in the past week which saw native ADA token add 25% to its now $17bln market capitalisation.<\/p>\n
As the seventh-largest cryptocurrency, ADA\u2019s utility works in much the same way as Ethereum\u2019s Ether token, and has become a popular alternative among decentralised finance (DeFi) developers.<\/p>\n
One outspoken figure who is not a huge fan, however, is devout Bitcoin maximalist Michael Saylor, CEO of business intelligence and software company MicroStrategy Incorporated.<\/p>\n
Speaking with Altcoin Daily<\/a>, Saylor made his opinion clear on how ADA (and other similar coins) should be treated by the regulators.<\/p>\n \u201cIf you study the history of Cardano, it\u2019s pretty obvious it\u2019s a security,\u201d Saylor said, in turn calling ADA a \u201cliability\u201d and \u201cvery risky\u201d, while alluding to ADA\u2019s general lack of fundamental purpose.<\/p>\n Only Bitcoin, in Saylor\u2019s view, counts as a commodity and should be treated as such.<\/p>\n His viewpoint, however contentious, has a degree of merit, when he contends that \u201cto be a commodity network, there has to be no issuer, no ICO (initial coin offering, a crypto analog of an IPO), no central organisation\u201d.<\/p>\n But Hoskinson snapped back at Saylor, saying: \u201cNobody controls (ADA). It\u2019s completely decentralised, far more than Bitcoin. It has more use and utility. People buy the token not to speculate, which is the only thing they can do with Bitcoin. They buy the token to use it for stuff, medical records and whatever else they\u2019re doing, because it has real-life utility.\u201d<\/p>\n Hoskinson went further in his criticisms of Saylor: \u201cIt\u2019s just one of those cases where (Saylor is) digging deep, fully digged in with Bitcoin, so it\u2019s got to work, because if it doesn\u2019t work the way he hopes, he goes bankrupt\u201d.<\/p>\n Few come close to Saylor\u2019s level of Bitcoin maximalism, a man who once told his followers to mortgage their homes to buy Bitcoin.<\/p>\n As CEO of Nasdaq-listed MicroStrategy, Saylor has stuffed company coffers with a total of 129,699 BTC following his most recent purchase on June 29.<\/p>\n He made his first purchase on August 11 2020, acquiring 21,454 BTC for US$11,652 a piece.<\/p>\n MicroStrategy\u2019s BTC bag has consistently mounted \u2014 Source:\u00a0 MicroStrategy Earnings Report<\/span><\/p>\n In real terms, Saylor\u2019s spending spree has amounted to US$3.98bln so far, making the realised average value on each Bitcoin US$30,664.<\/p>\n This may have sounded good on paper in the late-2021 bull run, but as it stands today, MicroStrategy\u2019s total Bitcoin holdings are overpriced by US$890mln.<\/p>\n In other words: If Saylor were to cash out MicroStrategy\u2019s BTC reserves today, he\u2019d face nearly US$1bln in realised losses.<\/p>\n That is highly unlikely to happen, if his maximalism is to be taken at face value.<\/p>\n
<\/p>\n #Bitcoin<\/a> is a swarm of cyber hornets serving the goddess of wisdom, feeding on the fire of truth, exponentially growing ever smarter, faster, and stronger behind a wall of encrypted energy.<\/p>\nSaylor the uber maximalist<\/h3>\n
![\"MSTR](\"https:\/\/cdn.proactiveinvestors.com\/CKEditor\/2022\/201\/Saylor.png\")
<\/p>\n