The analyst criticized the CEO of MicroStrategy for saying that Bitcoin is provided with energy. According to the analyst, Bitcoin is an asset with excessive energy consumption.
Recently, the head of MicroStrategy, Michael Saylor, published a tweet in which he stated that the largest cryptocurrency by market capitalization is a digital commodity that does not have an issuer. His statement found wide support among cryptocurrency enthusiasts, including supporters of investing in bitcoin for the long term.
#Bitcoin is a digital commodity because it has no issuer and is secured by energy.
— Michael Saylor⚡️ (@saylor) July 19, 2022
However, trader Peter Brandt, who prefers to trade traditional assets, noted that Saylor’s statement is only true in the sense that without the use of electricity, bitcoin cannot exist and perform its economic function. Given that bitcoin consumes an excessive amount of energy, it is useless, Bradt said.
Secured by energy only in the sense that it is useless without an exorbitant use of energy — and then without providing economic function. It is a huge myth that somehow $BTC is anything but energy consumption. https://t.co/9CnvoC0dQT
— Peter Brandt (@PeterLBrandt) July 21, 2022
The energy consumption of bitcoin has been the subject of debate and debate for many years. A few months ago, environmental activists even proposed switching the Bitcoin network from Proof-of-Work (PoW) to the less energy-intensive Proof-of-Stake (PoS) to reduce the carbon footprint of bitcoin mining.
According to recent data from the Bitcoin Mining Council, the share of green energy used to mine BTC has reached almost 60%. This fact could not go unnoticed by Michael Saylor, who called mining one of the most environmentally friendly areas of activity.
Source: Bits
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