{"id":64739,"date":"2022-07-22T10:15:11","date_gmt":"2022-07-22T07:15:11","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=64739"},"modified":"2025-09-06T16:04:37","modified_gmt":"2025-09-06T13:04:37","slug":"peter-brandt-criticises-michael-saylors-view-on-bitcoin","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/peter-brandt-criticises-michael-saylors-view-on-bitcoin\/","title":{"rendered":"Peter Brandt criticises Michael Saylor\u2019s view on Bitcoin"},"content":{"rendered":"<p>The technical analyst and head of Factor LLC, Peter Brandt, has criticised MicroStrategy CEO Michael Saylor, who described Bitcoin as an energy-backed digital commodity.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Secured by energy only in the sense that it is useless without an exorbitant use of energy \u2014 and then without providing economic function. It is a huge myth that somehow <a href=\"https:\/\/twitter.com\/search?q=%24BTC&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$BTC<\/a> is anything but energy consumption. <a href=\"https:\/\/t.co\/9CnvoC0dQT\">https:\/\/t.co\/9CnvoC0dQT<\/a><\/p>\n<p>\u2014 Peter Brandt (@PeterLBrandt) <a href=\"https:\/\/twitter.com\/PeterLBrandt\/status\/1550091169207549953?ref_src=twsrc%5Etfw\">July 21, 2022<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cSecured by energy only in the sense that it is useless without an exorbitant use of energy \u2014 and then without providing an economic function. It is a huge myth that Bitcoin is anything more than an energy consumer,\u201d Brandt wrote.<\/p>\n<\/blockquote>\n<p>In response, Saylor stressed that \u201call goods consume energy.\u201d He said the economic function of Bitcoin is to create a free global settlement network.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Your comments are always compelling and thoughtful. Thank you.<\/p>\n<p>\u2014 Peter Brandt (@PeterLBrandt) <a href=\"https:\/\/twitter.com\/PeterLBrandt\/status\/1550118053521678337?ref_src=twsrc%5Etfw\">July 21, 2022<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cBecause Bitcoin is a commodity, it can fulfil the role of global digital money. The economic function lies in granting property rights to 8 billion people, as well as creating a global settlement network, which had already transferred $17 trillion in value in 2022,\u201d he wrote.<\/p>\n<\/blockquote>\n<p>Brandt quipped that Saylor\u2019s comments are always \u201cthoughtful and compelling.\u201d In the thread he also <a href=\"https:\/\/twitter.com\/PeterLBrandt\/status\/1550124510778499074?s=20&#038;t=3np72RRLUa58ltbDvFhcPQ\">\u0437\u0430\u044f\u0432\u0438\u043b<\/a> that, despite the criticism, Bitcoin is one of the largest assets in his portfolio.<\/p>\n<p>According to the Bitcoin Mining Council (BMC), over the past year <a href=\"https:\/\/u1f987.com\/en\/news\/report-bitcoin-mining-energy-efficiency-up-46-year-on-year\">the energy consumption of the Bitcoin network grew by 63%<\/a>, while its hash rate increased by $137%. <\/p>\n<p>Experts also noted that the share of green energy in miners\u2019 consumption rose by 6 percentage points to 59.5% (among BMC participants it stood at 66.8%).<\/p>\n<p>This is the organisation&#8217;s second report \u2014 the first <a href=\"https:\/\/u1f987.com\/en\/news\/study-finds-56-share-of-green-energy-in-bitcoin-mining-industry\">released<\/a> in 2021. In the community <a href=\"https:\/\/u1f987.com\/en\/news\/crypto-community-criticises-study-on-green-energy-share-in-bitcoin-mining\">reacted negatively<\/a> to the study \u2014 industry participants questioned the objectivity of the BMC.<\/p>\n<p>As noted, the <span data-descr=\"European Central Bank\" class=\"old_tooltip\">ECB<\/span> criticised cryptocurrencies on the Proof-of-Work algorithm and noted the environmental merits of assets on <a href=\"https:\/\/u1f987.com\/en\/news\/ecb-notes-environmental-credentials-of-proof-of-stake-cryptocurrencies\">Proof-of-Stake<\/a>.<\/p>\n<p>Follow ForkLog&#8217;s Bitcoin news on our <a href=\"\/\/telegram.me\/forklog\" target=\"\u201c_blank\u201d\" rel=\"\u201cnofollow\u201d noopener\">Telegram<\/a> \u2014 cryptocurrency news, prices and analysis.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The tech analyst and head of Factor LLC, Peter Brandt, criticised MicroStrategy CEO Michael Saylor, who described Bitcoin as an energy-backed digital commodity.<\/p>\n","protected":false},"author":1,"featured_media":64740,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[18,1208,1420],"class_list":["post-64739","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitcoin","tag-michael-saylor","tag-peter-brandt"],"aioseo_notices":[],"amp_enabled":true,"views":"13","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/64739","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=64739"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/64739\/revisions"}],"predecessor-version":[{"id":64741,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/64739\/revisions\/64741"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/64740"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=64739"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=64739"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=64739"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}