Michael Saylor, co-founder of the business analytics company MicroStrategy finds that Bitcoin is becoming stronger after the upgrade of the Ethereum blockchain.
The Ethereum Merge was finalized on Sept. 15, moving the blockchain from the Proof of Work consensus mechanism to Proof of Stake. With the change, Ethereum will now consume less energy to validate transactions.
Proof of Work is used by Bitcoin and other cryptocurrencies and is often criticized for being not environmentally friendly. Entrepreneur Michael Saylor, however, says PoW has more advantages.
At a video conference in Australia on Saturday, Saylor mentioned that BTC now accounts for 95% of the total market value of tokens relying on PoW. He finds that the mechanism is the only universally accepted and proven method for forming a digital commodity. According to Saylor, Bitcoin is getting stronger rather than weaker after the Merge. Recently, he released a report on Bitcoin mining and the environment saying that mining is improving its energy efficiency at the fastest rate across any major industry.
People from the opposite campaign believe that with the Merge, Ether will be able to outperform Bitcoin. It's worth mentioning that both coins saw price declines in the last 24 hours. Bitcoin fell by 6.7% and hovers nearly $19,800, while Ether fell by 17.4% and now trades at around $1,400.