Michael Saylor Compares Bitcoin with Ethereum and XRP

Michael Saylor, the executive chairman of MicroStrategy, insists that Bitcoin rules supreme and has no rivals despite giant strides by XRP and Ethereum.

There Is No Second Best: Michael Saylor

Saylor has continued to taunt enthusiasts of other major cryptocurrencies, including Ethereum, XRP, and Solana despite not directly mentioning these assets. Notably, long-standing Bitcoin advocate Thomas Lee recently shared that Ethereum’s stablecoin utility will ensure it follows in Bitcoin’s footprint, but not Saylor. The Strategy chairman says there is no second-best.

He stated that in the tech world, one might compare Google to Facebook or Apple to Amazon. However, in the digital asset space, there is no real competitor to Bitcoin; it is either Bitcoin or nothing else.

Furthermore, Saylor pushed back on the 60% Bitcoin dominance in the cryptocurrency market. For perspective, BTC accounts for 64.94% of the global cryptocurrency market cap, with a valuation of over $2.16 trillion.

However, Michael Saylor argued that Bitcoin should dominate about 95% to 96% of the market. In his words, one would be lucky to “scrape together 5% of other stuff.”

It is based on this sentiment that Saylor’s Strategy has incessantly piled into Bitcoin. The business intelligence-turned-Bitcoin treasury company is by far the largest public firm holding BTC.

Despite pausing its weekly purchase on Monday for the first time in three months, it holds 597,325 BTC, valued at $65 billion.

Institutional Interest in Altcoins Picks Regardless

Nonetheless, Bitcoin’s institutional pull is slowly spilling into other major cryptocurrencies. For instance, the crypto treasury strategy has gone beyond Bitcoin as different firms begin to adopt other major altcoins.

SharpLink recently raised billions to buy Ethereum, while BitMine abandoned its Bitcoin treasury push to focus on buying and holding Ether. Nasdaq-listed Trident has also pursued an XRP-focused corporate treasury and plans to raise $500 million to buy XRP.

Moreover, the chances of another altcoin exchange-traded fund (ETF) are also increasing. Senior Bloomberg ETF analyst Eric Balchunas has given the odds of an XRP, Solana, and Litecoin ETF this year a 95% probability, indicating a strong likelihood that the US Securities and Exchange Commission will approve them imminently.

Essentially, while Michael Saylor believes there is no second best, institutions are focusing on maximizing the vast opportunity in the crypto space beyond the Bitcoin ecosystem.