Michael Saylor believes that proof of work is the only way to build a digital commodity. He anticipated that Bitcoin will only get stronger after the Ethereum fork.
On September 15, Ethereum completed its transition from proof-of-work (PoW) to proof-of-stake (PoS), bringing the Ethereum Mainnet and the Beacon Chain together. The Merge was one of the most anticipated events in the bitcoin ecosystem, attracting interest from both traditional finance and cryptocurrency circles.
The chairman of Microstrategy, Michael Saylor, is a well-known supporter of Bitcoin. Since the beginning of the year, he has been an enthusiastic advocate of the most popular cryptocurrency.
He stated during a video conference held in Australia that he thinks the Ethereum merger has strengthened Bitcoin. And he thought that the only way to produce a digital good is through PoW. In contrast, Howey’s test indicates that Ethereum would only function as a security.
Although Proof-of-Work has been criticized for being inefficient and unfriendly to the environment, Ethereum has transitioned to PoS, which is more energy efficient and cuts energy consumption by 99.9%.
Saylor considers Bitcoin mining to be the most environmentally friendly.
He argues that Bitcoin mining is the most efficient and environmentally friendly industrial use of electricity. Furthermore, as it transitions to more sustainable sources, Bitcoin mining’s energy efficiency is improving. In fact, it is conceivable to monetize unused natural gas or methane gas energy sources with Bitcoin.
The Ethereum PoS has received a lot of support, although its price has dropped to $1430 since the merger. BTC, on the other hand, is on the rise.