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.
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 to fall off despite several site overhauls. Even so, it continues to this day with around 7 million users a month. In comparison, Facebook pulls in 2.7 billion users a month.
According to Lifewire, MySpace’s downfall was due to several factors, but its failure to innovate and keep pace with competing platforms was chief among them.