MicroStrategy’s Michael Saylor dropped this bomb about Ethereum. Check out what he had to say below.
Michael Saylor addresses the nature of Ethereum
MicroStrategy chief executive Michael Saylor thinks leading smart contract platform Ethereum (ETH) is a security.
In a new interview with Altcoin Daily, Saylor addressed all the reasons why he believes Ethereum is a security and not a commodity.
“I think it’s pretty obvious it’s a security. It was issued via an ICO [initial coin launch]. There’s a management team. There was a pre-mine. There’s a hard fork. There are continual hard forks. There’s a difficulty bomb that keeps getting pushed back.”
The MicroStrategy head says that the difficulty bomb, which is designed to increase the difficulty of mining ETH to disincentivize miners, will “wipe out” Ethereum’s mining industry.
He also made sure to explain the fact that Ethereum’s feature to delay the difficulty bomb every six months makes ETH a security and not a commodity.
“For it to be a commodity, there can’t be an issuer and the truth is you can’t really make decisions.”
He continued and said the following:
“One of the fundamental insights in the crypto industry is the fact that you can change it is what makes it a security.”
Regarding the price of Ethereum, at the moment of writing this article, ETH is trading in the red and the coin is priced at $1,067.
LINK and ETH new predictions are out
It’s been revealed that the popular crypto analyst Michaël van de Poppe is updating his price targets for a trio of altcoins, including Ethereum (ETH).
About Ethereum, Van de Poppe says he’s optimistic as ETH recaptured the $1,000 level back on June 19th and has held the line ever since. Van de Poppe says he could see the top altcoin rally to $1,400.
Stay tuned for more news and make sure to keep your eyes on the crypto market.