Independent researcher Kyle McDonald predicts that the Bitcoin network could be regulated, causing the price of Bitcoin to crash. He believes that with ethereum’s move to so-called proof-of-stake, investors and regulators may realize that the current energy-intensive approach, known as proof-of-work, was never really necessary.
McDonald mentioned the climate crisis and Bitcoin’s heavy use of energy. Because Bitcoin doesn’t have the same coordination capabilities as Ethereum and can’t move away from proof-of-work, it could be the first to be regulated, he said.