Famous Bitcoin whale and maximalist Michael Saylor talked about BTC price. Former MicroStrategy CEO said that BTC has strengthened due to Ethereum Merge upgrade. Then, he shared his predictions for the BTC price.
“Bitcoin is now stronger due to Ethereum Merge”
Ethereum merged the Ethereum Mainnet with the Beacon Chain on September 15. With this merger, called Merge, the Ether network has successfully transitioned from Proof-of-Work (PoW) to Proof-of-Stake (PoS). In fact, the Merge upgrade was, according to some analysts, the most anticipated event in crypto history. In fact, it has not only attracted crypto investors to ETH, but also attracted the attention of traditional finance investors. But according to Michael Saylor, a die-hard Bitcoin advocate and whaler, that’s not quite the case.
The former CEO of MicroStrategy attended a conference in Australia on September 17. At this conference, Saylor spoke about Bitcoin. Accordingly, the famous whale claimed that Ethereum Merge makes Bitcoin stronger. Apparently Saylor thinks PoW is the only proven method of creating a digital product. In fact, he previously stated that he views Ethereum as a “security.” Currently, BTC accounts for 95% of the combined value of Merge and PoW tokens. Saylor said:
“Bitcoin is not weakening, on the contrary, it continues to strengthen. The PoW mechanism remains the only truly universally accepted method of creating a digital asset.”
PoW Blockchain networks face criticism
Although the Bitcoin whale sees PoW as the “only proven method”, this model has faced a lot of criticism. For example, Proof-of-Work networks are slower and use more energy than PoS networks. In fact, PoW networks are often criticized by governments and activists for their carbon footprint. Ethereum switched to PoS with Merge and now has much less energy usage reducing by 99.5%.
SEC Chairman Gary Gensler even described Ethereum as a “security” because of Merge. However, Saylor maintains his belief that Bitcoin mining is the most efficient and cleanest industrial use of electricity. He also says that as Bitcoin mining moves to green sources, it improves energy efficiency. Meanwhile, it is worth noting that Saylor’s company MicroStrategy holds 129,699 Bitcoins.
As Ethereum falls after Merge, Bitcoin rises
As we reported as Kriptokoin.com, many analysts are betting that Ethereum will eclipse Bitcoin at some point, along with Merge. However, the price data does not show this for now. ETH price declined after the Merge and reached the support level at $1,430. If the decline continues, the leading altcoin will visit the strong support at $1,000. However, Bitcoin started a bullish momentum after Merge. At the time of writing, BTC is up 1% in the last 24 hours and is currently changing hands at $19,958.
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