bitcoin Advocate Michael Saylor said in a statement. Ethereum He said that after the update, Bitcoin got even stronger.
Michael Saylor Claims Bitcoin Got Stronger After Ethereum Update
Saylor believes that Proof of Work (PoW) is the only universally accepted, proven method for creating a digital commodity.
The update has become the most anticipated event in the crypto space and has caught the attention of not only crypto but also the traditional finance world.
MicroStrategy head Michael Saylorattending a conference in Australia, suggested that Bitcoin got stronger after the Ethereum update.
Saylor said PoW is the only proven method for creating a digital commodity. In fact, Saylor had previously viewed Ethereum (ETH) as a security issue.
After the update, Bitcoin now has 95% of the total market value of tokens using the Proof of Work (PoW) consensus.
However, PoW has come under criticism for its high carbon footprint.
Bitcoin also uses PoW. In addition, ETH reduced its energy consumption by 99.5% by switching to PoS, which consumes less energy.
Recently, SEC Chairman Gary Gensler said that ETH’s transition to PoS makes it a security issue under the “Howey Test”.
Saylor believes Bitcoin mining is the most efficient and cleanest industrial use of electricity.
It also improves energy efficiency as Bitcoin mining moves to sustainable sources.
However, MicroStrategy continues to add Bitcoin to its balance sheet.
Recently, the company announced that it has sold $500 million worth of MSTR shares to buy more bitcoins. Microstrategy currently has 129,699 Bitcoins.
*Not investment advice.
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