MicroStrategy’s Saylor Sees Bitcoin Getting Stronger After Merge

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

Michael Saylor on a screen at the Australian Crypto Convention in the Gold Coast, Australia, on Sept. 17.Photographer: Ian Waldie/Bloomberg

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By Sunil Jagtiani

September 17, 2022 at 3:16 AM UTC

This article is for subscribers only.

MicroStrategy Inc. co-founder Michael Saylor, one of the biggest advocates of Bitcoin, said the software update of the Ethereum blockchain serves to boost the outlook for the world’s largest cryptocurrency.

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.