Michael Saylor said on Saturday that bitcoin is getting stronger after the merger with Ethereum. Saylor believes that Proof of Work (PoW) “is the only universally accepted and proven method for creating digital merchandise.“Ethereum price dipped all the way to its support at $1430, while Bitcoin price is stable and showing strength.
Michael Saylor Says Bitcoin Is Stronger After Merger With Ethereum
Ethereum successfully transitioned from proof-of-work (PoW) to proof-of-stake (PoS) with the merger of the Ethereum Mainnet to the Beacon Chain on September 15. The merger has become the most anticipated event in the crypto space, attracting not only the crypto community but also the traditional financial community.
One of the biggest advocates of Bitcoin said the software update of the Ethereum blockchain serves to boost the outlook for the world’s largest cryptocurrency https://t.co/9deukFBHRn
—Bloomberg (@business) September 17, 2022
MicroStrategy President Michael Saylor, who was attending a conference in Australia via video on Sept. 17, says bitcoin is getting stronger after the Ethereum merger. He believes that PoW is the only proven method to create a digital commodity. In fact, he had previously branded Ethereum as a “security“. After the merger, bitcoin now holds 95% of the global market value of tokens using proof-of-work (PoW) consensus.
“I see bitcoin getting stronger, not weaker. Proof of work is truly the only universally accepted and proven method of creating digital merchandise.”
However, proof of work (PoW) has come under fire for its high carbon footprint and Bitcoin uses PoW. In contrast, Ethereum switched to the less power-hungry PoS method and reduced its power consumption by 99.5%. Recently, SEC Chairman Gary Gensler said that Ethereum’s transition to PoS has made it a “security” according to “Howey test“.
Michael Saylor believes that bitcoin mining is the most efficient and cleanest industrial use of electricity. Additionally, bitcoin mining improves its energy efficiency by switching to sustainable sources. In fact, bitcoins can be used to monetize unused energy sources of natural gas or methane.
Furthermore, MicroStrategy has even added bitcoin to its balance sheet. Recently, the company announced the sale of $500 million worth of MSTR stock to buy more bitcoins. Microstrategy currently holds 129,699 bitcoins.
Bitcoin price moves strongly against Ethereum
While many believe Ethereum will overtake Bitcoin to become the largest cryptocurrency, the price of ETH plunged after the Merge. Also, the price has reached its support at $1430, any further dips are likely to fall to $1000.
Meanwhile, BTC price is showing more momentum after the merger. Bitcoin price is trading at $19,958, up nearly 1%.
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