The seasoned futures trader disapproved of Saylor’s comment on Bitcoin. Peter Brandt criticized MicroStrategy CEO Michael Saylor for saying that Bitcoin (BTC), the world’s largest cryptocurrency by market capitalization, is secured by energy. Here are the details…
Next prospects for Bitcoin (BTC)
Brandt noted that Saylor’s comment only applies in the sense that the best cryptocurrency asset is useless without an exorbitant use of energy. According to Brandt, Bitcoin does not even provide an economic function and adds:
It’s a huge myth that BTC is somehow nothing more than energy consumption.
Recall that the CEO of leading business intelligence firm Saylor gave his usual Bitcoin praise. Saylor tweeted Tuesday, “Bitcoin is a digital commodity because it has no issuer. It is secured with energy,” he said.
Traditional financial experts criticize Bitcoin’s energy consumption
Bitcoin’s energy consumption has been a major topic of discussion for years. Traditional finance experts have criticized the cryptocurrency for the enormous energy required to complete transactions. Given that Brandt is also considered a traditional finance expert, it’s not surprising that Bitcoin has hit energy consumption. Brandt is an experienced futures trader who has been in the industry since 1975.
Meanwhile, Brandt has been outspoken about Bitcoin lately. The seasoned futures trader recently predicted that Bitcoin would drop to the $12,700 price level as the asset class began its free fall. Interestingly, BTC showed strength after breaking above $20,000 again last week. At the time of writing, Bitcoin is trading at $22,639 on major exchanges.
What is the latest situation in the market?
BTC and other altcoin projects have gained slight momentum. Bitcoin (BTC) mining difficulty has seen its biggest drop in a year. It has helped miners increase their profitability during this harsh crypto winter. Bitcoin mining difficulty, or the measure of how hard it is to compete for mining rewards, has dropped 5 percent today. This brought it down to 27.69 T, the level last seen in mid-March this year.
Specifically, the last time the difficulty fell close to this percentage was July 18, 2021, when the difficulty was just 13.67 T. This drop came after a massive drop of about 28% two weeks ago, and it’s still the biggest drop in the network’s history. The latest adjustment marks the third consecutive decline, with the latest increase recorded at 1.29% in early June, when mining difficulty reached the second highest ever level, 30.28 T. The all-time high of 31.25 T is seen in mid-May. The hashrate, or the computing power of the network, has dropped since the difficulty adjustment two weeks ago. According to BitInfoCharts.com data, the 7-day moving average hashrate has dropped over 7% during this period.
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