Peter Brandt Criticized Michael Saylor For His Opinion About Bitcoin

Tech analyst and head of Factor LLC Peter Brandt criticized MicroStrategy CEO Michael Saylor, who called bitcoin an energy-backed digital commodity. 

“Provided with energy only in the sense that it is useless without its exorbitant consumption – and then without providing an economic function. It is a huge myth that somehow bitcoin is more than just a consumer of energy,” Brandt wrote.

In response, Sailor stressed that “all products consume energy.” According to him, the economic function of bitcoin is to create a free global settlement network.

“Because bitcoin is a commodity, it can serve as a global digital money. The economic function is to grant property rights to 8 billion people, as well as to create a global settlement network that has already transferred $17 trillion of value in 2022,” he wrote.

Brandt ironically noted that Saylor’s comments are always “meaningful and compelling.” In the thread, he also stated that, despite the criticism, bitcoin is one of the most considerable assets in his portfolio. 

According to the Bitcoin Mining Council (BMC), over the past year, the Bitcoin network’s energy consumption has grown by 63%, while its computing power has increased by $137%. 

The specialists also emphasized that the share of green energy in miners’ consumption increased by 6% and reached 59.5% (for BMC participants, it was 66.8%).

This is the organization’s second report – the first one was released in 2021. The community reacted negatively to the study – industry participants questioned the objectivity of BMC.