Analyst Peter Brandt criticizes Michael Saylor’s statement on bitcoin

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.

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

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.

All commodities require energy. Since #bitcoin is a commodity it can serve as global digital money. The economic function is to provide property rights to 8 billion people as well as a global settlement network that has already cleared $17 trillion dollars so far this year. pic.twitter.com/xA1diPWu8B— Michael Saylor⚡️ (@saylor) July 21, 2022

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.

I've NEVER made that claim. $BTC is one of my largest holdings.My point is that a claim $BTC is crucial to solving the global energy crisis is on shaky grounds— Peter Brandt (@PeterLBrandt) July 21, 2022

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%.