Bitcoin (BTC) Stronger After Merger? Here’s what MicroStrategy’s Michael Saylor thinks

Bitcoin evangelist Michael Saylor said Saturday that Bitcoin is getting stronger after the Ethereum merger. Saylor believes proof-of-work (PoW) “is the only universally accepted, proven method of creating a digital good.” Ethereum (ETH) price has fallen to its $1430 support, while Bitcoin (BTC) price is stable and showing strength.

Michael Saylor Claims Bitcoin Stronger After Ethereum Merger

Ethereum has transitioned from proof-of-work (PoW) and proof-of-stake (PoS) with the merging of the Ethereum Mainnet into the Beacon Chain on September 15th. The merger became the most anticipated event in the crypto space, attracting not only crypto, but also the traditional financial community to it.

MicroStrategy Chairman Michael Saylor, attend a conference in Australia via video on September 17, claims Bitcoin is getting stronger after the Ethereum merger. He believes PoW is the only proven method for creating a digital good. In fact, he had previously labeled Ethereum (ETH) as a “security”. After the merger, Bitcoin now has 95% of the total market value of tokens using proof-of-work (PoW) consensus.

“I see Bitcoin getting stronger, not weaker. Proof-of-work is really the only universally accepted, proven method of creating a digital good.”

However, proof-of-work (PoW) faces criticism for its high carbon footprint, and Bitcoin uses PoW. While Ethereum has now switched to less energy-intensive PoS, reducing energy consumption by 99.5%. Recently, SEC Chairman Gary Gensler said that Ethereum’s move to PoS has made it a “security” according to the “Howey test”.

Saylor believes Bitcoin mining is the most efficient and cleanest industrial use of electricity. Bitcoin mining is also improving its energy efficiency as it transitioned to sustainable sources. In fact, Bitcoin can be used to monetize unused natural gas or methane gas energy sources.

Moreover, MicroStrategy has even added Bitcoin to its balance sheet. Recently, the company announced to sell $500 million in MSTR shares to buy more bitcoins. Microstrategy currently has 129,699 bitcoins.

Bitcoin (BTC) price is moving strongly compared to Ethereum

While many believe that Ethereum will overtake Bitcoin to become the largest cryptocurrency, the ETH price has dropped following the merger. The price has also reached its support at $1430, any further drop risks a fall to $1000.

Meanwhile, BTC price is showing more momentum after the merger. Bitcoin price is trading at $19,958, up nearly 1%.

Varinder is a technical writer and editor, technology enthusiast and analytical thinker. Fascinated by Disruptive Technologies, he has shared his knowledge of Blockchain, Cryptocurrencies, Artificial Intelligence and the Internet of Things. He has been associated with the blockchain and cryptocurrency industry for a significant period of time and currently covers all the latest updates and developments in the crypto industry.

The content presented may include the author’s personal opinion and is subject to market conditions. Do market research before investing in cryptocurrencies. The author or publication bears no responsibility for your personal financial loss.