Ethereum: Bitcoin stronger after the merger? Here’s what Michael Saylor thinks

Michael Saylor said Saturday that bitcoin is getting stronger after the merger with Ethereum. Saylor believes that proof of work (PoW) “is the only universally accepted and proven method of creating a digital commodity.“Ethereum’s price has plunged to its support at $1,430, while Bitcoin’s price is stable and showing strength.

Michael Saylor says bitcoin is stronger after merger with Ethereum

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

One of the biggest advocates of Bitcoin said the software update of the Ethereum blockchain serves to boost the outlook for the world’s largest cryptocurrency https://t.co/9deukFBHRn

– Bloomberg (@business) September 17, 2022

MicroStrategy President Michael Saylor, participating in a conference in Australia via video on September 17, says bitcoin is getting stronger after the Ethereum merger. He believes PoW is the only proven method of creating a digital commodity. In fact, he had previously branded Ethereum as a “security“. After the merger, bitcoin now holds 95% of the overall market value of tokens using the Proof of Work (PoW) consensus.

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

However, Proof of Work (PoW) has come under fire for its high carbon footprint and Bitcoin uses PoW. In contrast, Ethereum has switched to the less energy-intensive PoS method and has reduced its energy consumption by 99.5 percent. Recently, SEC Chairman Gary Gensler said that Ethereum’s transition to PoS has made it a “security” according to the “Howey test“.

Michael Saylor believes that bitcoin mining is the most efficient and cleanest industrial use of electricity. In addition, bitcoin mining improves its energy efficiency by switching to sustainable sources. In fact, bitcoins can be used to monetize unused natural gas or methane energy sources.

In addition, MicroStrategy has even added bitcoin to its balance sheet. Recently, the company announced the sale of $500 million in MSTR stock to buy more bitcoins. Microstrategy currently holds 129,699 bitcoins.

Bitcoin price moves sharply against Ethereum

While many believe that Ethereum will overtake Bitcoin to become the largest crypto-currency, the price of ETH plunged after the Merge. In addition, the price has reached its support at $1430, any further decline is likely to fall to $1000.

Meanwhile, the BTC price shows more momentum after the Merge. The price of bitcoin is trading at $19,958, up nearly 1%.