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Satoshi Action Fund’s founder explains why bitcoin is over $21,000.

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Dennis Porter, a Bitcoin user, claims to know what’s driving the price spike, while Peter Schiff mocks Bitcoin.

On Friday, the value of Bitcoin, the most popular cryptocurrency, increased by more than 11%, reaching a new all-time high of $21,500.

Bitcoin is presently trading at $21,302. Dennis Porter, who founded the Satoshi Action Fund, blames the White House report.

Porter said the study made “great assertions” about Bitcoin’s potential to promote environmental conservation and renewable energy.

In the thread of comments, supporters pointed out that Porter gave an inaccurate representation of the report’s conclusions.

According to the findings of the research, Bitcoin mining should be rendered illegal if there is no way to make it less harmful to the environment.

The study recommends that Bitcoin’s existing consensus method, known as Proof-of-Work, be switched out for the Proof-of-Stake protocol instead.

Earlier today, U.Today published an article in which Charles Hoskinson, the developer of Cardano, provided his response to the results.

It was his recommendation that Bitcoin use Cardano’s Proof-of-Useful-Work Ofelimious protocol so that it might have a more significant and beneficial effect on the natural world.

According to this point of view, it is very likely that Porter’s tweet was meant to be ironic and hilarious at the same time.

Bitcoin’s value increased earlier this week as a result of a hike in interest rates implemented by the European Central Bank (ECB).

The increase was 75 basis points. The value of bitcoin saw a dramatic decline shortly after the Federal Reserve implemented a similar policy earlier this year.

Peter Schiff, who is known for being an outspoken critic of Bitcoin, said in a tweet that the current market condition is a “sucker’s rally” and that it is a good time to sell BTC.

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