MicroStrategy Inc. co-founder Michael Saylor, one of Bitcoin’s biggest proponents, said the software update to the Ethereum blockchain serves to improve the outlook for the world’s largest cryptocurrency.
MicroStrategy Inc. co-founder Michael Saylor, one of Bitcoin’s biggest proponents, said the software update to the Ethereum blockchain serves to improve the outlook for the world’s largest cryptocurrency.
Ethereum has just switched to a much less energy-intensive method of securing its network known as proof-of-stake, where the energy-guzzling proof-of-work system criticized for having a large carbon footprint and still used by Bitcoin, dumped.
Bitcoin now accounts for 95% of the total market value of tokens using proof-of-work, which is “truly the only universally accepted, proven method of creating a digital commodity,” Saylor said via video at a conference on Saturday. in Australia. “I see Bitcoin getting stronger, not weaker,” he added.
Some, on the other hand, see the green credentials of the Ethereum upgrade – the Merge – as giving its own token Ether, the world’s second largest, a greater chance of one day surpassing Bitcoin. Both coins have fallen by about 60% in 2022.
Enterprise software maker MicroStrategy has spent about $4 billion on Bitcoin purchases and reported a quarterly loss of more than $1 billion last month related to the plunge in digital assets. Saylor will remain executive chairman after resigning from his position as chief executive officer.
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