Bitcoin
Bitcoin is still massively undervalued, says Core Scientific founder
Darin Feinstein, founder of Bitcoin mining and digital asset infrastructure company Scientific Centeris bullish on Bitcoin.
According to Feinstein, the Bitcoin ecosystem has seen massive growth and adoption since its chaotic early days. More than that, he sees the Bitcoin ledger as the real value of BTC – and that is still massively undervalued.
He also says that the current drop in Bitcoin’s price is “artificial” and that this is another buying opportunity.
Mt.Gox and the Bitcoin price crash
Bitcoin dropped to around $56,700 earlier today but saw a slight recovery to currently change hands near $58,200. The reason for the drop? Miner capitulation, German government liquidation, and Mt. Gox.
Feinstein commented on Bitcoin amid the latest Mt. Gox News.
“Today, Mt. Gox Bitcoin is being sold off and Bitcoin has “crashed” from $60,000 to $50,000,” Feinstein said in a statement. publish at X. “If you’re new to this space and haven’t had to witness the complete chaos of Bitcoin’s first 8+ years, this drop seems significant. It’s not.”
The Core Scientific founder says he entered the cryptocurrency world in 2012 and sent his first Bitcoin to Mt. Gox on April 17, 2013.
Bitcoin massively undervalued
Feinstein notes that most people didn’t take Bitcoin seriously in the early days, but today it’s a completely different story.
The market has Bitcoin ETFs, governments are holding BTC, and billionaires and presidents are supporting it. Amidst all this, the understanding is that Bitcoin is here to stay.
Since Bitcoin’s launch on January 3, 2009, there have been very few days when the price of BTC has been at or near where it is today. Thankfully, global support has “never been more significant.”
“And what is still massively underappreciated about Bitcoin is that the immutable ledger that [it] “The Bitcoin it runs on is infinitely more valuable than Bitcoin itself, the block space of the ledger is not yet priced. Bitcoin only has value because the rails it runs on are the most important accounting ledger of all time and the only true record of human history,” he wrote.