Darin Feinstein, founder of Bitcoin miner and infrastructure firm Core Scientific, is bullish on Bitcoin. Feinstein believes the Bitcoin ledger holds immense value and is still massively undervalued.
Feinstein observes that Bitcoin has seen significant adoption and growth since its early chaotic days. He considers the current price drop an "artificial" dip, presenting an opportunity to buy.
Mt.Gox and Bitcoin’s Price Crash
Bitcoin’s price dropped to around $56,700 today but rebounded to near $58,200. Factors such as miner capitulation, a German government sell-off, and Mt. Gox have contributed to this decline.
Feinstein commented on the recent Mt. Gox developments.
“Today the Mt. Gox Bitcoin is being sold, and Bitcoin has ‘crashed’ from the mid $60,000 range to the mid $50,000 range,” Feinstein posted on X. “If you are new to this space and have not witnessed the initial chaos of Bitcoin, this drop seems significant. It is not.”
Feinstein recounted his entry into the crypto world in 2012 and remembered sending his first Bitcoin to Mt. Gox on April 17, 2013.
Bitcoin Massively Undervalued
Feinstein notes that in the past, few took Bitcoin seriously, but today, it stands on a different footing.
The market now has Bitcoin ETFs, governments are holding BTC, and billionaires and presidents are supporting it.
Since Bitcoin’s launch on January 3, 2009, its price has rarely been near its current level. Global support for Bitcoin “has never been more significant.”
“And what is still massively undervalued about Bitcoin is that the immutable ledger it runs on is infinitely more valuable than the Bitcoin itself. The ledger’s blockspace is still not priced in,” Feinstein wrote.
“Bitcoin only has value because the rails it runs on is the most important accounting ledger of all time and the only true record of history in humanity.”
