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  • Saylor insists that proof of work is the only way to create a digital commodity.
  • ETH price fell after the merger, while BTC price shows more momentum.

On Saturday, famed bitcoin advocate Michael Saylor said bitcoin is getting stronger despite the Ethereum meltdown. According to Saylor, Proof of Work (PoW) is the globally accepted and proven way to create a digital commodity.

The completion of the Ethereum merger means that the Ethereum network no longer functions as a proof-of-work consensus mechanism, but is now governed by proof-of-stake. The merger of the Ethereum mainnet with the beacon chain happened two days ago (September 15, 2022).

Before that happened, the merger was the hottest topic of discussion in the crypto space and even in the mainstream financial community. At a conference in Australia on Saturday, Saylor shared his thoughts on what happens to Bitcoin after the Ethereum merger.

Saylor said Bitcoin will continue to strengthen after the merger. He added that PoW is the most proven way to create a digital commodity. Saylor previously called Ethereum “safe”. after the change from Ethereum, Bitcoin now controls 95% of the overall market share of tokens operating under the PoW consensus mechanism.

“I predict Bitcoin will only get stronger. It won’t be weaker. PoW is the best way in the world to establish a digital commodity. A major criticism of Bitcoin and other PoW networks is their high carbon footprint. However, Ethereum’s switch to PoS means that its power consumption has been reduced by 99.5%, because PoS consumes less power.

Earlier in the week, SEC Chief Gary Gensler claimed that Ethereum’s move to PoS means it’s now “security” based on the Howey test. Saylor also claims Bitcoin mining is the cleanest and most efficient use of electricity industrially. Additionally, Bitcoin miners are turning to more sustainable power sources to improve the energy efficiency of the network.

The CEO of Microstrategy added that Bitcoin has enabled the monetization of unused methane gas and natural gas energy sources. Nevertheless, Microstrategy continues to increase its Bitcoin holdings. On September 10, the company filed with the SEC to buy more BTC.

According to the filing, Microstrategy would sell $500 million worth of MSTR stock to fund the purchase. Currently, the company’s total bitcoin holdings are 129,699 BTC. Interestingly, Microstrategy only holds 14,589 BTC, while its subsidiary Macrostrategy holds the remaining 115,110 BTC.

BTC price vs ETH price after the merger

Many industry analysts predicted that Ethereum would become the leading digital asset ahead of Bitcoin after the merger. But it hasn’t happened yet. Instead, the price of ETH fell after the merger. Ethereum price has dropped to its support at $1,430 and is likely to drop to $1,000 if it continues lower.

ETH is down 1.64% in the past 24 hours and is currently trading at $1,434, according to the latest data from Coinmarketcap. Conversely, the price of BTC has gained momentum since the merger. Bitcoin has risen 0.73% in the past 24 hours and is trading at $19,886.

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