Core Scientific’s founder Darin Feinstein recently offered an optimistic perspective despite Bitcoin’s price drop. In a social media post, Feinstein encouraged the Bitcoin community to view this drop as an opportunity and stated that Bitcoin is largely undervalued due to its fundamental technology.
Bitcoin Is More Than Just a Cryptocurrency
Feinstein argued that Bitcoin’s real value goes beyond being just a cryptocurrency and lies in its revolutionary ledger technology. He described this ledger as “the most important accounting ledger of all time and the only true record in human history.” Feinstein emphasized that the value of this technology far exceeds current market valuations and tried to draw investors’ attention to this point.
Evaluating Bitcoin’s historical process, Feinstein highlighted the significant institutional and official support the cryptocurrency has gained over the years. The emergence of Bitcoin ETFs, governments holding Bitcoin, and endorsements from billionaires and heads of state stood out as indicators of Bitcoin’s solid position in the global financial world. According to Feinstein, this broad acceptance demonstrates Bitcoin’s resilience and lasting importance, independent of market fluctuations.
How Did He Interpret Bitcoin’s Drop?
Accepting that Bitcoin’s price fell to around $50,000 during the recent market fluctuation, Feinstein compared this situation to Bitcoin’s tumultuous early years and noted that today’s market conditions are much less chaotic. Emphasizing his belief in Bitcoin’s sustainable value, he stated that the current price drop is a strategic buying opportunity for investors.
In his Independence Day post, Feinstein delivered a message of resilience and optimism. He encouraged the community to take advantage of the current price drop and see it as a strategic buying opportunity. He tried to convince investors that Bitcoin’s recent movements are temporary and offer a chance to accumulate more of the cryptocurrency.
How Did He Get Introduced to Bitcoin?
Feinstein also shared his personal journey with Bitcoin. He first encountered Bitcoin in 2013 through Mt. Gox and described how he experienced losses with the exchange’s collapse. He noted that his investments on other platforms like Bitfloor, Cryptsy, and btc-e similarly ended in failure, resulting in significant financial losses.
Despite all these setbacks, Feinstein’s belief in Bitcoin remained unshaken. He pursued legal avenues to recover his lost funds and continued to invest in cryptocurrency. His journey included meetings with key industry figures and trips to major crypto hubs like Wuhan and Beijing. His trust in Binance’s Changpeng Zhao (CZ) particularly led him to transfer his Bitcoin to this exchange, reinforcing his faith in the future of the industry.
