One of the most ardent supporters of Bitcoin and co-founder of MicroStrategy Inc., Michael Saylor, claimed that the Ethereum blockchain’s software update improves the prospects for the most prominent cryptocurrency in the world. Ethereum recently switched from the power-hungry Proof-of-Work mechanism that Bitcoin is still using to a Proof-of-Stake approach that uses significantly less energy to secure its network. Bitcoin Getting Stronger After Merge Saylor said via video on Saturday at a conference in Australia that Bitcoin “is the only globally accepted, proven way for establishing a digital commodity” and that it now makes up 95% of the market value of all tokens created using Proof-of-Work. He added, “I see Bitcoin getting stronger, not weaker.” On the other hand, others believe that the green credentials of the Ethereum update, or “Merge,” will give Ether, the second-largest cryptocurrency in the world, a better chance of one day surpassing Bitcoin. In 2022, both coins had fallen by around 60%. MicroStrategy revealed a more than $1 billion quarterly loss last month and has spent almost $4 billion on Bitcoin acquisitions. Saylor no longer serves as a chief executive officer but is still executive chairman. MicroStrategy Buying More Bitcoin, Shareholders Footing The Bill With billions of dollars allocated to the asset, MicroStrategy has made it apparent that it is among the most ardent proponents of Bitcoin. Crypto enthusia...
