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Bitcoin (BTC) Stronger After Merge? Here What MicroStrategy Michael Saylor Think

Michael Saylor believes Bitcoin (BTC) is getting stronger after the Ethereum Merge as it switched from PoW to PoS.
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Bitcoin (BTC) Stronger After Merge? Here What MicroStrategy Michael Saylor Think

Bitcoin evangelist Michael Saylor on Saturday said Bitcoin is getting stronger after the Ethereum Merge. Saylor believes proof-of-work (PoW) “is the only universally accepted, proven method for creating a digital commodity.” Ethereum (ETH) price has tumbled to its support at $1430, whereas Bitcoin (BTC) price is stable and showing strength.

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Michael Saylor Asserts Bitcoin Stronger After Ethereum Merge

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

MicroStrategy chairman Michael Saylor, attending a conference in Australia via video on September 17, asserts Bitcoin is getting stronger after the Ethereum Merge. He believes PoW is the only proven method to create a digital commodity. In fact, he had earlier marked Ethereum (ETH) as a “security”. After the Merge, Bitcoin now has 95% of the overall market value of tokens using the proof-of-work (PoW) consensus.

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

However, proof-of-work (PoW) faces criticism for its high carbon footprint and Bitcoin is using PoW. Whereas, Ethereum has now switched to less energy-intensive PoS, reducing its energy consumption by 99.5%. Recently, SEC Chair Gary Gensler said Ethereum’s transition to PoS has made it a “security” as per the “Howey Test”.

Saylor believes Bitcoin mining is the most efficient and cleanest industrial use of electricity. Also, Bitcoin mining is improving its energy efficiency as it switched 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 selling $500 million in MSTR stocks to buy more bitcoins. Microstrategy currently holds 129,699 bitcoins.

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Bitcoin (BTC) Price Moving Strongly as Compared to Ethereum

While many believe Ethereum will overtake Bitcoin to become the biggest cryptocurrency, the ETH price has dipped after the Merge. Also, the price has reached its support at $1430, any further drop risks a fall to $1,000.

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

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Varinder Singh

Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space. At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting. Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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