MicroStrategy CEO Michael Saylor responded to a tweet implying that Bitcoin’s days are numbered. In it, the poster likened the leading cryptocurrency to MySpace. Saylor answered by saying BTC trade volumes equal MySpace’s peak valuation every few hours.
With some now calling Bitcoin “boomer crypto,” due to it being relatively unexciting compared to the others, is there any truth in the MySpace allegations?
Is Bitcoin Becoming The MySpace of Crypto?
Defending Bitcoin over claims it is becoming irrelevant, Saylor said the leading cryptocurrency had grown faster than any company in history. He added that Bitcoin towers over MySpace in terms of valuation.
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“At its peak, MySpace was valued for a day in a single private transaction at less than .06% of #Bitcoin which has grown faster to a larger market capitalization than any company in the history of the world. We trade one lifetime worth of MySpace in $BTC every few hours.”
MySpace was the first social network to reach a global audience. It was the dominant platform between 2005 and 2008, serving 100 million users a month.
By May 2009, Facebook’s number of monthly users exceeded that of MySpace for the first time. This was the beginning of the end, and its user count continued…