Saylor Sees Bitcoin Getting Stronger
Bitcoin supporter Michael Saylor said Saturday that Bitcoin (BTC) will get stronger after the Ethereum integration upgrade.
Saylor believes that PoW is the only globally accepted and proven method for creating a digital good.
Ethereum (ETH) price dropped to the support level at $1,430, while Bitcoin (BTC) price is stable and showing strength.
Michael Saylor: Will Bitcoin (BTC) Get Stronger After Consolidation?
Ethereum has successfully moved from PoW to PoS after merging the Ethereum Mainnet upgrade into the Beacon Chain on September 15th.
Michael Saylor, head of MicroStrategy, who attended a video conference in Australia on September 17, confirmed that Bitcoin will get stronger after the Ethereum merger.
Whereas, Saylor believes that PoW is the only proven way to create a digital good.
He has previously commented about Ethereum as a security token and not similar to Bitcoin.
After the merger, Bitcoin now has 95% of the total market capitalization of cryptocurrencies using the Proof of Work (PoW) mechanism.
Saylor added:
Although Saylor has praised PoW, PoW has been criticized for its high carbon footprint.
While Ethereum has turned into a allocation mechanism, it has become environmentally friendly and less energy consuming.
For his part, Saylor believes that Bitcoin mining is the most efficient industrial use as it uses clean electricity.
Also, bitcoin mining improves energy efficiency as it turns to sustainable sources.
In fact, Bitcoin can be used to invest unused energy sources from natural gas or methane, according to Saylor.
Saylor certainly knows more than me, and he is very invested in BTC, so he may be biased there, but why cant PoS be a valid approach. Thats how the banking system has managed for a long time. But it is interesting as to how the ETH price has wobbled since the merge. Will be interesting to see how they perform against each other over the coming months.
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