One of the leading Bitcoin network supporters Michael Saylor, the executive chairman and a co-founder of MicroStrategy, could be losing steam as a maxi.
According to a recently revealed audio clip by altcoin daily, a crypto YouTube channel with over 1.29 million subscribers, Saylor said that he is waiting for the company’s Bitcoin holdings to break even and offload to Ethereum.
The revelation is questionable following Saylor’s daily Twitter updates that display his allegiance to the Bitcoin network. Nonetheless, the Ethereum network has made significant upgrades that may help the asset perhaps overtake Bitcoin’s market capitalization.
MicroStrategy holds approximately 132,500 Bitcoins and reported a digital assets impairment loss of approximately $197 million during the fourth quarter earnings results. As an analytic and business intelligence publicly traded company, its investment portfolio significantly informs most individual investors’ strategies.
The company uses its Bitcoin holding to borrow loans from Silvergate bank, according to a recent interview on Saylor.
Bitcoin has enjoyed the top position by market capitalization due to its age and ability to store value. With a market capitalization of approximately $448,493,277,660, the asset’s price has declined about 66 percent from its ATH, of $69,044.77. Ethereum (ETH) on the other hand has a market capitalization of approximately $202,124,722,417 and a daily traded volume of about $9,656,377,364.
The Ethereum market has, however, been leading the smart contract ecosystem with a total value locked (TVL) of approximately $29.44 billion, according to Defillama. With more institutional investors seeking crypto exposure through tokenization, and DeFi platforms on the Ethereum network, Bitcoin maximalists are getting diluted over time.
Notably, Saylor’s crypto bag could be way higher in value should he have invested in Ethereum instead of Bitcoin two years ago.
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