MicroStrategy CEO Michael Saylor warned EU lawmakers against banning Bitcoin (BTC).
MicroStrategy’s CEO, Michael Saylor, spoke about the European Union’s cryptocurrency bill, which aims to limit the use of the Proof of Work (PoW) consensus mechanism. Saylor described the initiative as a “trillion-dollar mistake” and used the following statements:
“The only established method of digital property creation is Proof of Work. Non-energy-based crypto approaches such as Proof-of-Stake should be considered securities until proven otherwise. Banning digital ownership would be a trillion-dollar mistake.”
Last minute fix aimed at restricting Proof of Work cryptocurrencies within the EU as stated earlier, reactions was shelved due to Despite the softer language, analysts concluded that this would have a devastating impact on the cryptocurrency industry.
The bill is scheduled to be voted on today, after months of debate by EU lawmakers.
Potential ban would result in preference for Proof of Stake and other consensus algorithms that typically boast environmental sensitivity. Still, Saylor notes that all non-energy-based cryptocurrencies can be considered unregistered securities by the regulator.
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