Michael Saylor, one of the most prominent Bitcoin supporters and investors, claimed that Bitcoin strengthened after Ethereum Merge. Saylor stated that he believes Proof of Work is the only universally accepted, proven method for creating a digital commodity.

Ethereum successfully transitioned from Proof of Work (PoW) to Proof of Stake (PoS) with the merger of Ethereum Mainnet with Beacon Chain (Merge) on September 15. Two days after The Merge took place, Michael Saylor, chairman of MicroStrategy, who attended a conference in Australia today, claimed that Bitcoin strengthened after Ethereum Merge. Saylor said, “I see Bitcoin getting stronger, not weaker. Proof of Work is the only truly universally accepted, proven method of creating a digital commodity.” used the phrases.

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Proof-of-work (PoW) is facing criticism for its high carbon footprint and currently Bitcoin is the biggest PoW player. Following Ethereum's transition from PoW to PoS, Bitcoin's market cap corresponds to 95 percent of the market cap of cryptocurrencies using PoW. Ethereum reduced its energy consumption by 99.5 percent by switching to PoS. Saylor argues that Bitcoin mining is the most efficient and cleanest industrial use of electricity, increasing energy efficiency as it shifts to sustainable sources.

MicroStrategy, which added Bitcoin to its balance sheet under the leadership of Saylor, is currently the largest institutional BTC investor. The company recently announced that it plans to sell $500 million in MSTR shares to buy more BTC. MicroStrategy currently holds 129,699 BTC.

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On the other hand, saying that PoW is the only proven method of creating digital commodity, Saylor has suggested that ETH is a security in the past. Gary Gensler, Chairman of the US Securities and Exchange Commission (SEC), recently spoke to the Wall Street Journal and claimed that Ethereum's transition to PoS could make it a security under the "Howey Test".

While many believed that Ethereum would overtake Bitcoin as the largest cryptocurrency, the price of ETH dropped sharply after The Merge. Market analysts are focusing on the possibility of further decline towards $1,000 as the ETH price drops to the support at $1,430. Bitcoin, on the other hand, gives a stronger image after Ethereum Merge. Bitcoin price is trading at $19,871 with an increase of 0.82% in the last 24 hours.