Bitcoin's Price May Drop After Ethereum's Merge

Kyle McDonald, an independent researcher, predicts that the price of bitcoin will fall if the network is "controlled away."

He proposes trading bitcoin at this same moment. Investors and authorities may determine that the energy-intensive "proof-of-work" technique now employed by Bitcoin and Ethereum,

is no longer required if the Ethereum blockchain switches to the "proof-of-stake" method of validating transactions, which uses a lot less energy.

McDonald spoke on the "climate challenge" and Bitcoin's high energy use on Friday's episode of "First Mover" on CoinDesk TV.

McDonald believes that the exorbitant energy requirements of the sector will cause governments and environmentalists to become increasingly concerned, and that bitcoin's value will never rise over $69,000.

McDonald rated Ethereum's promise to save energy costs by 99.5% as "extremely credible."


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