According to the crypto trader, the asset is useless without exorbitant energy consumption, while the entrepreneur believes that BTC is secured by it

Analyst Peter Brandt criticizes Michael Saylor’s statement on bitcoin

22.07.2022 - 13:45

186

3 min

What’s new? Cryptocurrency analyst and trader Peter Brandt criticized the CEO of analytics software provider MicroStrategy, Michael Saylor, for saying that bitcoin is secured by energy. Brandt commented on Saylor’s opinion on his Twitter account, writing that the asset is secured with energy only in the sense that it is useless without consuming it exorbitant — “then without providing economic function. It is a huge myth that somehow $BTC is anything but energy consumption,” the analyst added.

Saylor’s response. In response, the MicroStrategy CEO wrote that “all commodities require energy.” Saylor stressed that bitcoin’s economic function is to create a global settlement network.

Herewith, during the social media correspondence, Brandt noted that bitcoin makes up one of the largest parts of his investment portfolio, and with his statement, he only sought to emphasize that bitcoin is not of key importance in solving the global energy crisis.

Brandt has been working in the financial markets for more than 40 years, he is the creator of Factor Trading, a service that provides expert reports and analysis of asset value charts.

According to the Bitcoin Mining Council’s (BMC) recent report, created at Saylor’s initiative, mining energy consumption increased by 63% over the year. Hashrate rose by 137% over the same period. BMC also found that cryptocurrency mining consumes 0,15% of the world’s electricity. The share of energy from renewable sources increased to 59,5% and the efficiency of mining increased by 46%.

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