Ethereum Tumbles 25% Post-Merge, MicroStrategy Believes Traders Will Switch Back To Bitcoin

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Last Updated on 19 September 2022 by CryptoTips.eu

Jeroen Kok

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MicroStrategy founder and former CEO Michael Saylor explained over the weekend that he believes Bitcoin will emerge as the winner post-Merge instead of Ethereum.

As Ether drops 25% in a week and now trades for $1,300, Saylor thinks investors will hurry to cover their ‘long’ Ether bets and switch back to Bitcoin. Furthermore, he also reminded his followers that the Merge could “have turned the second-largest cryptocurrency into a security in the eyes of a top U.S. regulator.”

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Talking up your own book

Saylor, speaking at the Australian Crypto Convention in the Gold Coast, Australia, was of course talking up his own book as they say. The fact that MicroStrategy is heavily invested in Bitcoin combined with the knowledge that more and more hedge funds are switching to Ethereum investment, makes it all the more necessary for Saylor to defend his own position.

His company MicroStrategy already bought some $4 billion in Bitcoins and had to admit a $1 billion quarterly loss this year because of the crypto crash in May. Saylor remains executive chairman after giving up his chief executive officer role.

Total clown

Speaking via videolink, Saylor told the Australian crowd that proof-of-work, the method that the Bitcoin blockchain still uses “is really the only universally accepted, proven method for creating a digital commodity,” and that because of that he “sees Bitcoin getting stronger, not getting weaker.”

Ether founder Vitalik Buterin, who has repeatedly clashed with Bitcoin bull Saylor already will not be amused. Earlier this summer, when someone wrote a praising article about the Microstrategy founder, Vitalik retweeted it and said:

Why do maximalists keep picking heroes that turn out to be total clowns?

Maxborovkov / Depositphotos.com