Bitcoin evangelist Michael Saylor on Saturday said Bitcoin is getting stronger after the Ethereum Merge. Saylor believes proof-of-work (PoW) “is the only universally accepted, proven method for creating a digital commodity.” Ethereum (ETH) price has tumbled to its support at $1430, whereas Bitcoin (BTC) price is stable and showing strength.
Ethereum has successfully transitioned from proof-of-work (PoW) and proof-of-stake (PoS) with the merge of Ethereum Mainnet to the Beacon Chain on September 15. The Merge became the most anticipated event in the crypto space, attracting not only the crypto but also the traditional finance community to it.
MicroStrategy chairman Michael Saylor, attending a conference in Australia via video on September 17, asserts Bitcoin is getting stronger after the Ethereum Merge. He believes PoW is the only proven method to create a digital commodity. In fact, he had earlier marked Ethereum (ETH) as a “security”. After the Merge, Bitcoin now has 95% of the overall market value of tokens using the proof-of-work (PoW) consensus.
“I see Bitcoin getting stronger, not getting weaker. Proof-of-work is really the only universally accepted, proven method for creating a digital commodity.”
However, proof-of-work (PoW) faces criticism for its high carbon footprint and Bitcoin is using PoW. Whereas, Ethereum has now switched to less energy-intensive PoS, reducing its energy consumption by 99.5%. Recently, SEC Chair Gary Gensler said Ethereum’s transition to PoS has made it a “security” as per the “Howey Test”.
Saylor believes Bitcoin mining is the most efficient and cleanest industrial use of electricity. Also, Bitcoin mining is improving its energy efficiency as it switched to sustainable sources. In fact, Bitcoin can be used to monetize unused natural gas or methane gas energy sources.
While many believe Ethereum will overtake Bitcoin to become the biggest cryptocurrency, the ETH price has dipped after the Merge. Also, the price has reached its support at $1430, any further drop risks a fall to $1,000.
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