Bitcoin (BTC)) and cryptocurrency Famous analyst Peter Brandt, who attracted attention with his analyzes, criticized Bitcoin bull Michael Saylor for the energy consumption of Bitcoin.
Michael Saylor, CEO of MicroStrategy “Bitcoin is a digital commodity because it has no issuer and is energy-secured.” Replying to his tweet, Peter Brandt said, BTC Uploaded to Saylor regarding his comment.
BTC’Stating that Bitcoin is useless without an exorbitant energy consumption, Brandt argued that Bitcoin does not provide an economic function.
“Bitcoin is only energy-secured in the sense that it is useless without excessive use of energy. It also has no economic function.
It is a big myth that Bitcoin is nothing but energy consumption.”
In the continuation of his shares bitcoin Stating that he has an investment, the famous analyst added that he agrees with most of the expected long-term bullish scenarios in Bitcoin.
Michael Saylor Nor did he remain silent about Peter Brandt’s criticism of Bitcoin’s energy use.
Saylor stated that all goods require energy. bitcoinHe argued that due to the commodity being a commodity, it could serve as a global digital currency.
All commodities require energy. since #bitcoins is a commodity it can serve as global digital money. The economic function is to provide property rights to 8 billion people as well as a global settlement network that has already cleared $17 trillion dollars so far this year. pic.twitter.com/xA1diPWu8B
— Michael Saylor⚡️ (@saylor) July 21, 2022
The amount of energy Bitcoin uses and the risk it poses to the environment has long been criticized.
Cambridge bitcoin According to June data from the Electricity Consumption Index, Bitcoin’s estimated annual power consumption is around 93 TWh.