Sun Nov 13, 2022 ▪ 5:00 p.m. ▪
min read – by
Michel Saylor in an interview provides details on the importance and merits of bitcoin. Based on the bankruptcy of FTX and the withdrawal of Binance in the takeover operation recently, the CEO of MicroStrategy rightly qualifies bitcoin as a digital commodity. He asserts that it cannot be equaled or mixed with other commodities.
Bitcoin as a digital commodity: what is special about it?
FTX and Binance seem to be in a conflict which is not the least and recent events are not about to calm things down. As a reminder, FTX fell and its last hope of survival collapsed with the refusal of Binance to buy it back. A news that creates some uncertainty among users. How to position yourself in this new configuration, especially since the fall of FTX had immediate consequences on the course of several crypto projects?
In a show hosted by Squawk on the Street at CNBC, Michael Saylor shares his opinion on bitcoin BTCUSD. According to him, the crypto king will emerge victorious from this fiasco between the two major virtual currency exchange platforms. Still According to Saylor, the Binance crypto exchange needs to take off. Growth horizons are visible and involve the restructuring of current regulations. With the various episodes experienced this week, this dynamic will experience an acceleration.
The peculiarity of bitcoin lies in the fact that it is possible to have a full transparency on the transactions concerned. With the FTT tokens, it was not possible to get this option. Indeed, anyone who acquires a cryptographic asset remains solely responsible for tracking it. Thanks to bitcoin, full transparency of operations is achievable. Through the episodes experienced between FTX and Binance, Saylor testifies to the fact that the community will be more edified.
In summary, bitcoin is a digital commodity in its own right. And like any commodity, there are buyers, suppliers and a fluctuating market price. In the last 24 hours, the price of Bitcoin BTCUSD has climbed significantly from -2.45% (or $17,683.67) to 4.58%. According to Michael Saylor, bitcoin is moving from an entrepreneurial stage to an institutional stage that will allow big players to grow and benefit the world.
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Doctoral student in financial law and experienced SEO web editor, Cédrick Aimé is passionate about cryptocurrencies, trading, etc. He naturally participates thanks to his articles in the daily blockchain revolution for a better democratization of DeFi.