- He says Ethereum revamp bolsters Bitcoin as digital commodity.
- Bitcoin plunge saddled MicroStrategy with over $1 billion loss.
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.