Michael Saylor, the executive chairman of Microstrategy, dislikes being criticized. He responded to a poll conducted by crypto researcher Eric Wall by conducting his own Twitter poll, which revealed that he had not used the layer-2 Lightning Network of Bitcoin (BTC) more than three times.
Michael Saylor enthusiastically answered “yes” to the vote and launched a meme contest by awarding 1,000,000 Sats (equivalent to 0.01 Bitcoin or $200) to the meme that received the most likes. Michael Saylor will really use the Lightning Network three times when awarding Sats to victors.
Michael Saylor initially mentioned the Lightning Network in a tweet in May 2021, and since then, she has backed both LiFi, or Lightning Finance, and the layer-2 payments system based on Bitcoin. Michael Saylor has been under fire from Wall, a former chief investment officer of Arcane Research, multiple times, and his initial enthusiasm for the Lightning Network in 2018 has given way to criticism.
Udi Wertheimer and Lilli, head of business development at Foundation Devices, are two other well-known Bifluencers who frequently criticize the LN. Recently, Lilli referred to the network as a “failure,” and Udi asserted that “nobody utilizes it.”
The poll and recent comments from Wall focus attention on a larger issue. Do even the greatest names in the Bitcoin industry find it difficult to adopt the Lightning Network as a scalability solution? Or, after eight years of development, is the Lightning Network a failure?
Wall posted a number of films illustrating the challenges associated with transferring money from outdated Bitcoin wallets to a new phone over the LN. Additionally, he asserted that the LN’s Bitcoin capacity won’t rise above 6,000 Bitcoins before 2023. In June and October, the capacity of the Bitcoin network surpassed 4,000 and 5,000 BTC, respectively. Wall tweeted that the final two months of the year are “going to be a nail-biter.”
Michael Saylor is stepping up his Bitcoin approach once more in light of Microstrategy
It’s possible that the entry of big corporations may increase sentiment and LN usage. In addition, a well-known Bitcoin company, NYDIG, declared in their Q3 report that “Now it’s time for Lightning” and stated their desire to support the LN.
Weekly agreements are reached and announcements are made for smaller, Bitcoin-only businesses. While Galoy, the group behind El Salvador’s Bitcoin Beach wallet, has incorporated dollars onto the LN, a boon for emerging economies, Strike recently completed a successful $80 million investment round. Lightning Network use is booming in Gibraltar, a highly developed financial environment.
The panel unanimously agreed that the LN is still a work in progress that day. Given that it is still early, neither success is resounding. The adoption of Bitcoin in El Salvador, according to Nicolas Burtey, CEO of Galoy, the organization that organized the Adopting Bitcoin Lightning Summit there, “was the tipping moment for Lightning.” Just a month ago, the El Salvador Bitcoin Law celebrated its first birthday.
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