Michael Saylor believes that the only way to create a digital commodity is through proof of work. After the Ethereum fork, he predicted that Bitcoin would only grow stronger. At the time of writing Ethereum is currently trading at $1,432.02 which is a 2.66% price decline in the last 24 hrs. while Bitcoin is trading at $19,853.94 a price increase of 0.53% in the last 24 hrs.
On September 15, Ethereum completed its transformation from proof-of-work (PoW) to proof-of-stake (PoS), merging the Ethereum Mainnet with the Beacon Chain. The Merge was one of the most highly anticipated events in the crypto community and drew attention from both traditional finance and cryptocurrency circles.
Michael Saylor, the chairman of MicroStrategy, is a well-known Bitcoin advocate. He has been an outspoken supporter of the leading cryptocurrency since early this year.
In a Video conference in Australia, he said that he believes the Ethereum merge has made Bitcoin stronger. And he believed that PoW is the only way to create a digital commodity. Whereas Ethereum would only act as a Security according to Howey’s test
Although Proof-of-work has been disputed because it is not energy efficient and environmentally friendly, Ethereum has switched to PoS which is more energy efficient and reduces energy consumption by 99.9%.
Saylor refers to Bitcoin mining as the cleanest
He believes that, among industrial uses of electricity, Bitcoin mining is the most efficient and cleanest. Also, as it has switched to sustainable sources, Bitcoin mining’s energy efficiency is improving. In fact, monetizing unused natural gas or methane gas energy sources with Bitcoin is possible.
The Ethereum PoS has received a lot of support, but after the merge, its price dipped to $1430. However, BTC is showing upward momentum.
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