Founder of Core Scientific Asserts Bitcoin Remains Significantly Undervalued
Darin Feinstein, the visionary behind Core Scientific, a company specializing in Bitcoin mining and digital asset infrastructure, remains highly optimistic about the future of Bitcoin. He believes that the Bitcoin ecosystem has experienced remarkable growth and widespread adoption since its tumultuous early days. Moreover, Feinstein views the true value of Bitcoin to lie in its ledger, which he believes is significantly undervalued.
Feinstein further asserts that the recent price drop of Bitcoin is an “artificial” occurrence, presenting an excellent opportunity for investors to buy more Bitcoin. Although Bitcoin briefly fell to around $56,700 before rebounding to approximately $58,200, Feinstein attributes this drop to miner capitulation, the German government’s sell-off, and the news surrounding Mt. Gox.
Reflecting on the current state of Bitcoin amidst the Mt. Gox developments, Feinstein shares his insights. He acknowledges that the sale of Mt. Gox Bitcoin has led to a “crash” in Bitcoin’s price, causing it to decline from the mid $60,000 range to the mid $50,000 range. However, he emphasizes that for those new to the cryptocurrency space, this drop may seem significant, but it is not.
Feinstein reveals that his involvement in the crypto industry dates back to 2012 when he sent his first Bitcoin to Mt. Gox on April 17, 2013. He points out that Bitcoin was not taken seriously during its early days, but the situation has dramatically changed. Today, Bitcoin has garnered support from various entities, including the introduction of Bitcoin ETFs, government holdings of BTC, and endorsements from billionaires and presidents. This widespread acceptance indicates that Bitcoin is here to stay.
Feinstein highlights that since Bitcoin’s launch on January 3, 2009, there have been very few instances where its price has been as high as it is today. Furthermore, he emphasizes that the global support for Bitcoin has never been more significant. However, he believes that the true potential of Bitcoin lies in its immutable ledger, which he argues is infinitely more valuable than the cryptocurrency itself. Feinstein contends that the ledger’s block space, which is yet to be accurately priced, is a crucial aspect that contributes to Bitcoin’s value. He asserts that Bitcoin’s significance stems from the fact that it operates on the most important accounting ledger in history, serving as the only true record of humanity’s past.
