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Usha Yadav
Sep 17, 2022
by Usha Yadav

MicroStrategy's Michael Saylor Sees Bitcoin Getting Stronger After Merge

Bitcoin Getting Stronger

Table of contents

  1. Bitcoin Getting Stronger After Merge
  2. MicroStrategy Buying More Bitcoin, Shareholders Footing The Bill
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 enthusiasts have praised the repeated assertions that Bitcoin is an asset that will play a role in the future of the global economy. It demonstrated last week that the bear market had not changed its stance by filing to sell up to $500 million in a stock offering to buy additional Bitcoin.

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MicroStrategy's Michael Saylor Sees Bitcoin Getting Stronger After Merge
Usha Yadav
Usha is a diehard crypto enthusiast and has been actively writing on different facets of the blockchain and crypto world. She has authored many research articles on cryptocurrency and aims to provide informational and quality content to readers. She firmly believes that crypto has a great potential to redefine the world of finance and blockchain.

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