Bitcoin (BTC) neighborhood members took to social media in response to the claims of Peter Zeihan, a latest visitor on the Joe Rogan Expertise (JRE) podcast.
In a latest JRE episode, Zeihan, an American geopolitical analyst and creator, claimed that crypto was at all times a “scorching dumpster fireplace” and that Bitcoin has no intrinsic worth. The analyst claimed that the primary digital asset by market capitalization is now being priced “extra appropriately.”
Moreover, Zeihan argued that Bitcoin, which is buying and selling at round $17,000 on the time of writing, will go down by $17,000 extra, saying that its acceptable value is inside the negatives. He added:
“The craziest factor about Bitcoin is that there’ll by no means be greater than X variety of items of Bitcoin. By default, it means it may well’t be used for commerce.”
Zeihan additionally argued that the “entire thought of financial exercise is that there’s growth, which suggests you want extra foreign money to lubricate and handle that growth.” The analyst argued that if a foreign money’s provide is locked, there shall be financial inflation and this might “destroy an financial mannequin.”
Due to Zeihan’s feedback, Bitcoiners nearly instantly supplied their responses and offered counterarguments to Zeihan’s claims. Some neighborhood members immediately pointed out that the analyst has not learn and understood the Bitcoin white paper.
Swan Bitcoin govt Alex Stanczyk additionally criticized the JRE visitor and stated his feedback have been ignorant. “Nearly each single factor this ‘skilled’ stated on this brief span of time is full nonsense,” Stanczyk wrote.
Jeff Ross, the founding father of the Vailshire Capital Administration hedge fund, additionally identified the failings in Zeihan’s arguments. He tweeted:
Three crucial errors in @PeterZeihan‘s logic that I see:
1. To be legitimate, cash should be created and managed by a government. ❌
2. Scarce cash limits human productiveness and financial growth. ❌
3. #Bitcoin and #crypto are interchangeable. ❌cc: @joerogan https://t.co/gA5szpZe7L
— Dr. Jeff Ross (@VailshireCap) January 8, 2023
In the meantime, one neighborhood member proudly defended Bitcoin and argued that a few of its traits give it intrinsic worth. They embrace shortage, deflation, divisibility into smaller quantities referred to as satoshis and decentralization.
Associated: Bitcoin mining shares surge with broader market as merchants see much less aggressive Fed
Whereas Rogan didn’t argue with Zeihan’s claims within the episode, the favored podcaster has beforehand voiced optimistic sentiments towards Bitcoin. On Could 4, 2022, Rogan stated that BTC is just like the early web and that the federal government didn’t see it coming. The podcaster additionally highlighted that it’s a “viable type of foreign money” and can be utilized to buy issues.
