XRP Lawyer Mocks Michael Saylor’s Analysis Of Security, Asks For Clarification

Michael Saylor, CEO of Microstrategy’s recent podcast comments has attracted huge criticism from the global crypto industry leaders and experts. XRP holder’s lawyer in the SEC vs Ripple lawsuit has challenged Saylor to clarify his extreme views over the altcoins.

Michael Saylor receives Huge criticism

John Deaton in the Twitter thread mentioned that MicroStrategy CEO’s comments implied that everything other than Bitcoin (BTC) is a security. Michael Saylor asserted that if you work ethically and are aware of the law then you would only build on the BTC network. He indirectly said that rest of the coins are securities.

XRP lawyer indicated that Saylor’s analysis of security is deeply flawed. This comes as surprise considering how intelligent he is. However, his statement about ethics is absurd and he needs to be better than that.

He added that Saylor is a Bitcoin maximalist and that is ok but he there is a major problem with his analysis. It is fair to distinguish the purpose behind the creation of Bitcoin and Altcoins. However, the criticism also implies to BTC too.

XRP asks for clarification

XRP lawyer mentioned that for the absurdity of calling XRP a security, he has already used Spend the Bits as an example. It helped him to gain amici curiae status in the lawsuit against SEC. However, he wished that Saylor takes his offer to discuss the issues.

Earlier, Ethereum Co-founder Vitalik Butterin slammed MicroStrategy CEO over his comments. He called Saylor a “total Clown”.

Meanwhile, the XRP price has dropped by more than 3% in the last 24 hours. It is trading at an average price of $0.38, at the press time.

Michael Saylor And Bitcoin?

According to the data, MicroStrategy holds 129,218 Bitcoin. Its entry value stands at $3.97 billion while today’s value stands at around $2.99 billion.

Earlier, Coingape reported that Microstrategy added more BTC amid the Price drop. The company in its SEC filing declared that it bought around 480 Bitcoin. The accumulation was done between May 3 and June 28. The average purchase price should at $20,817 comprising fees and other expenses.

However, the traders are now betting against Michael Saylor’s Bitcoin strategy. The short positions have piled up by more than 51%. The notional value has reached around $1.35 billion. As per S3 Partners, ATH of 4.73 shares shorted has surged by around 1.2 million share over the past months.

Bitcoins saw some recovery over the past month. BTC price surged by more than 21%. The token is trading at an average price of $23,158.46, at the press time.