He added: “We are also looking at other cryptocurrencies that use [less than] one percent of Bitcoin’s energy/transaction.”
The move sparked doubts over whether cryptocurrencies can truly go mainstream.
One expert who is convinced that it can is investor Bill Miller, who said in April that Bitcoin will go “higher” and “mainstream”.
The founder and chief investment officer of Miller Value Partners told CNBC: “Supply [of Bitcoin] is growing two percent-a-year and demand is growing faster. That’s all you really need to know, and that means it’s going higher.”
Mr Miller did acknowledge that Bitcoin will continue to endure price swings given its volatile nature.
He said that a surge back in 2017 was, in fact, a bubble that ultimately burst, but that it’s different now.
He continued: “I don’t think this is a bubble at all in Bitcoin. I think this is now the beginning of a mainstreaming of it.”
“In my line of work you see people do disastrous things if you don’t understand how leverage works, which is the use of borrowed money to take on greater risk.”
Britain’s Financial Conduct Authority (FCA) warned investors of the risks that come with Bitcoin following the recent slump.
They said: “If consumers invest, they should be prepared to lose all their money.
“Some investments advertising high returns from crypto assets may not be subject to regulation beyond anti-money laundering.
“Significant price volatility, combined with the difficulties valuing [Bitcoin] reliably, place consumers at a high risk of losses.”
Express.co.uk does not give financial advice. The journalists who worked on this article do not own Bitcoin.