Bitcoin (BTC) group members went on social media to answer the claims of Peter Zeihan, one of the latest visitors on the Joe Rogan Expertise (JRE) podcast.
In a latest JRE episode, Zeihan, who’s an American geopolitical analyst and writer claimed that crypto was all the time a “sizzling 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.”
As well as, Zeihan argued that Bitcoin which is now 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 throughout 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 might’t be used for commerce.”
Zeihan additionally made the argument that the “complete concept of financial exercise is that there is growth which implies you want extra foreign money to lubricate and handle that growth.” The analyst argued that if a foreign money’s provide is locked, there can be financial inflation and this might “destroy an financial mannequin.”
Due to Zeihan’s feedback, Bitcoiners virtually instantly provided their responses and provided counterarguments to Zeihan’s claims. Some group members immediately pointed out that the analyst has not learn and understood the Bitcoin whitepaper.
Swan Bitcoin govt Alex Stanczyk additionally criticized the JRE visitor and stated that his feedback are 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 hedge fund, additionally identified the issues in Zeihan’s arguments. He tweeted:
Three essential 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 group member proudly defended Bitcoin and argued that a few of its traits give it intrinsic worth. This contains shortage, being deflationary, the truth that it may be divided into smaller quantities known as “Satoshis” and decentralization.
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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, 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 that it may be used to buy issues.
