MicroStrategy’s Saylor Sees Bitcoin Getting Stronger After Merge

    MicroStrategy Inc. co-founder Michael Saylor, one of the biggest advocates of Bitcoin, said the software update of the Ethereum blockchain serves to boost the outlook for the world’s largest cryptocurrency.
    By: BLOOMBERG
    | Updated on: Sep 18 2022, 00:36 IST
    Bitcoin
    Michael Saylor, a major Bitcoin advocate, says that the cryptocurrency benefited after Ethereum completed the Merge. (REUTERS)
    Bitcoin
    Michael Saylor, a major Bitcoin advocate, says that the cryptocurrency benefited after Ethereum completed the Merge. (REUTERS)

    MicroStrategy Inc. co-founder Michael Saylor, one of the biggest advocates of Bitcoin, said the software update of the Ethereum blockchain serves to boost the outlook for the world's largest cryptocurrency.

    Ethereum just moved to a far less energy-intensive method of securing its network knows as proof-of-stake, ditching the power-hungry proof-of-work system that's criticized for a big carbon footprint and still used by Bitcoin.

    Bitcoin now accounts for 95% of the overall market value of tokens using proof-of-work, which “is really the only universally accepted, proven method for creating a digital commodity,” Saylor said via video to a conference in Australia on Saturday. “I see Bitcoin getting stronger, not getting weaker,” he added.

    In contrast, some see the green credentials of the Ethereum upgrade -- the Merge -- as giving its native token Ether, the world's second largest, a bigger shot at one day topping Bitcoin. Both coins are down about 60% in 2022.

    Enterprise-software maker MicroStrategy has spent about $4 billion on Bitcoin purchases and last month reported a more than $1 billion quarterly loss related to the plunge in the digital asset. Saylor remains executive chairman after shedding his chief executive officer role.

    Follow HT Tech for the latest tech news and reviews , also keep up with us on Twitter, Facebook, Google News, and Instagram. For our latest videos, subscribe to our YouTube channel.

    First Published Date: 18 Sep, 00:36 IST
    NEXT ARTICLE BEGINS
    keep up with tech