Ethereum switched to Proof of Stake for very simple reasons.
Increased Security
Increased Transaction Capacity
PoS Holders can finally participate in Network Security increasing Decentralization higher than the previous few mining PoW pools,
Energy Use of the PoS network will decrease by over 99% verses the old Proof of Waste model while allowing onchain transaction performance to increase.
* Note this also increases financial incentives to run Full Nodes, a financial incentive that is severely lacking in BTC PoW model.*Governments have been warning of Bans on Proof of work mining for years.
China has implemented their ban.
And whether you want to believe that the PoW ban warnings are mere fud, or actually because energy resources are not unlimited,
the fact is, as China proved, PoW mining can be banned.
Ethereum no longer has to be concerned with the security danger of the world governments banning their network model.
However since Bitcoin Developers and community have decided to stick their collective heads in the ground,
and
pretend the government ban warnings against PoW does not exist.The only real question , is what will happen to BTC when the Governments all ban PoW mining.
It is not an IF, but a WHEN.* My guess is the ban takes effect forever freezing all bitcoins in their collective wallets forever, and
even those willing to sell will be unable, as the price verses fiat will literally go to zero overnight.
It will be a financial bloodbath like most have never seen.
(Even Faster than the Tulips Crash)But before that happens ,
ethereum will take the #1 spot on CMK,
and btc holders will have very little time after that to cash out or just go down with the btc PoW ship.
FYI:
The decentralization myth of PoW has been B.S. ever since the ASICS took over.
Only the rich elite can afford to mine BTC, their is no decentralization if the common man can not participate. Anyone that thinks a mere 4 BTC PoW mining pool operators are decentralized, well beyond gullible is an accurate evaluation.
FYI2:
Anyone not paying attention to the rising price of energy across the Globe, is going to be in for a rude awakening this winter.
Don't be surprised when PoW mining is banned, because the people need that energy to keep from freezing to death.
Europe is already rationing power, expect PoW mining permanently banned in Europe before Feb15th, 2023.
US Government will Ban PoW mining by Jan 2024 or the Texas Power Grid will Collapse under the strain.
