Michael Saylor Believes ADA Is a Security and Is Very Risky

The Co-Founder, CEO, and Chairman of Nasdaq intelligence company MicroStrategy Inc., Michael Saylor, stated that he believes that ADA, the native coin of Proof-of-Stake (PoS) blockchain Cardano, is a security.

Microstrategy has made it a priority to purchase huge amounts of BTC. In August 2020, the company bought about 21,454 bitcoins worth $250 million to use as a “primary treasury reserve asset”.

Since then, MicroStrategy has continued to buy even more Bitcoin and the CEO himself has become somewhat of a Bitcoin Maximalist. At the moment, MicoStrategy is HODLing around 129,699 bitcoins.

In addition to this, Saylor has been boasting about how the company’s stock is performing since it made its first BTC purchase. He also recently took to YouTube to express his opinion about PoS networks. According to Saylor, PoS networks are securities and are therefore very risky.

Saylor was quoted stating that “my opinion is Bitcoin is a digital commodity. I think that all the Proof-of-Stake networks are securities and they’re all very risky. The regulators will decide whether or not they allow them to continue or whether or not they don’t allow them to continue.”

Naturally, Charles Hoskinson, the CEO of the company responsible for Cardano’s research, was not at all happy with these comments. Hoskinson called Saylor the “Tone Vays” of the crypto world. He then went on to explain how much better Cardano is compared to Bitcoin.

Many people believe that the only reason Saylor is so bullish on Bitcoin is because his company has been investing so heavily into the crypto.