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Chief executive officer of business intelligence firm MicroStrategy, Micheal Saylor, has given his insights on the most recent version of the European Union cryptocurrency bill, which aims at limiting the use of proof-of-work consensus mechanism.
Micheal Saylor further describes the initiative as “a trillion-dollar mistake,” which triggered other prospective members of the cryptocurrency industry who have taken a stand against the “damning provision.”
From reports by U.Today, the last-minute change intended to Restrict proof-of-work cryptocurrencies within the European Union after the previous amendment trials were dismissed due to objections. Despite using a softer language this time, analysts are convinced that it could still have a disruptive impact on the cryptocurrency industry within the financial market.
However, final voting on the bill is scheduled to be held amongst European Union lawmakers on Monday following months of debates.
The looming ban could potentially give preferential treatments to proof-of-stake and other consensus algorithms that typically boast their green energy credibility.
As of date, Michael Saylor’s MicroStrategy has acquired over 1,25,051 bitcoins that are worth roughly 4.8 billion US dollars as at press time – making it the largest corporate holder of the flagship cryptocurrency by a large margin.
The debate on Bitcoin rages on
Following Saylor’s comments about Bitcoin acting as digital property, Peter Schiff – one of the gold bugs – shared a few counter opinions. Schiff had claims that Bitcoin is actually worthless since the work does not produce “any real value.”
Schiff further added:
“If I can prove I spent hours digging a hole and then spent an equal number of hours filling it back up with dirt, my work produced means nothing.”