Banning Bitcoin a trillion-dollar mistake, says Michael Saylor on EU’s MiCA

cnbctv18.com:

MicroStrategy CEO and Bitcoin proponent Michael Saylor on March 13 stated that the banning of Bitcoin would be a regrettable mistake. This was in response to EU politicians who were considering outlawing the world’s oldest cryptocurrency within the region through the upcoming Markets in Crypto Assets (MiCA) framework.Resonating the common sentiments of the Bitcoin community, Saylor tweeted, “The only settled method to create digital property is via Proof-of-Work.

Non-energy based crypto approaches like Proof-of-Stake must be deemed to be securities until proven otherwise. Banning digital property would be a trillion-dollar mistake.”On the other hand, American stockbroker and CEO of Euro Pacific Capital Inc, Peter Schiff, has a polar opposite viewpoint and believes that investing in Bitcoin itself is a grave mistake as the blockchain doesn’t really create “any real value” and is thus worthless.

“If I can prove I dug a hole for hours and then filled it back up with dirt, my work produced nothing,” he said to TechStory. Schiff believes that the buyers chasing after Bitcoin only make it easier for crypto holders to exit the currency at higher prices and realise profits.Also Read| Explained | Crypto Gas Wars: What are they and what is the way forward?Bitcoin mining operations have been under scrutiny from multiple nations for a while now.

This is because Bitcoin uses the Proof-of-work consensus mechanism that is notoriously energy-intensive. In September 2021, a report suggested that at 99 terawatt-hours, Bitcoin consumed more energy annually than the entire country of Finland.