Wednesday, October 27, 2021

Michael Saylor says Bitcoin will be hope for Canada

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Michael Saylor who is the CEO of MicroStrategy stated that Bitcoin is hope for Canada. Michael Saylor, who has made quite a name for itself with his Bitcoin investments, retweeted a tweet from Bitcoin’s official Twitter page.

The tweet states that “Canada alone has enough untapped hydroelectric power to operate the entire Bitcoin Network”. Furthermore, it emphasized that Canada has 400 TWh of hydropower capacity, but Bitcoin only requires 129 TWh to function.

Michael Saylor retweeted Documenting Bitcoin’s tweet which it implies that Canada’s unused hydroelectric power can be used for operating Bitcoin Network.

In previous interviews, Saylor stated that China’s decision to ban crypto mining do not adversely affect his opinion on Bitcoin. He emphasized that mining would be decentralized and in the long term, the Westernization of Bitcoin would have a positive effect on the Western market and capital. Furthermore, he believes that Bitcoin is now the most powerful technology in the twenty-first century.

After the decision of China on banning bitcoin mining, some big mining operators suspended their operations in China and they had planned to shift their businesses to North America. Since then, Canada has been on the radar for the mining operators.

Recently, Brian Mosoff, the CEO of Canadian crypto firm Ether Capital and a crypto entrepreneur, stated that bitcoin miners would naturally seek out energy sources with low costs. That is why Alberta, Quebec and Ontario could be the best options for mining operators to operate.

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