According to U.Today, Michael Saylor, founder and chairman of business intelligence giant MicroStrategy, has issued a warning to investors seeking alternatives to Bitcoin (BTC). Saylor, a well-known Bitcoin advocate, has been instrumental in MicroStrategy's regular BTC purchases over the past four years and continues to promote the leading cryptocurrency.
On Friday, Saylor issued a warning reminiscent of the one given by the knight guarding the Holy Grail in the film 'Indiana Jones and the Last Crusade', urging investors to 'Choose wisely.' As a Bitcoin maximalist, Saylor suggests that he views BTC as the only viable cryptocurrency in the market. While he doesn't openly criticize altcoins as frequently as others, such as Max Keiser, he has recently stated that he considers XRP, SOL, ADA, ETH, and other altcoins to be unregistered securities, aligning with the SEC's position.
Saylor anticipates that all altcoins will soon be officially classified as securities, and only those holding Bitcoin will benefit. Currently, Bitcoin is the only cryptocurrency recognized as a commodity by the SEC and the CFTC. Ethereum also holds this status, but recent comments from SEC leader Gary Gensler have cast doubt on this classification. Gensler has recently initiated a crackdown on altcoins and US cryptocurrency exchanges that trade them.
In related news, Bitcoin's value has dropped nearly 5% in the past 24 hours, falling from $63,284 to the $60,300 range. The price has since rebounded slightly, with BTC currently trading near the $60,920 level. Noted crypto analyst and trader Michael van de Poppe predicted that Bitcoin could drop to between $55,000 and $52,000 if it loses its current trading range of $61,000 to $60,000.
