Bitcoin (BTC) community members went on social media to answer the claims of Peter Zeihan, probably the most current company on the Joe Rogan Experience (JRE) podcast.
In a current JRE episode, Zeihan, who’s an American geopolitical analyst and creator claimed that crypto was all the time a “scorching dumpster hearth” and that Bitcoin has no intrinsic worth. The analyst claimed that the primary digital asset by market capitalization is now being priced “extra appropriately.”
In addition, 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 applicable 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 models of Bitcoin. By default, it means it will probably’t be used for commerce.”
Zeihan additionally made the argument that the “entire concept of financial exercise is that there is enlargement which implies you want extra forex to lubricate and handle that enlargement.” The analyst argued that if a forex’s provide is locked, there can be financial inflation and this might “destroy an financial mannequin.”
Because of Zeihan’s feedback, Bitcoiners virtually instantly provided their responses and provided counterarguments to Zeihan’s claims. Some community 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. “Almost each single factor this ‘professional’ 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 vital 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 enlargement. ❌
3. #Bitcoin and #crypto are interchangeable. ❌cc: @joerogan https://t.co/gA5szpZe7L
— Dr. Jeff Ross (@VailshireCap) January 8, 2023
Meanwhile, one community member proudly defended Bitcoin and argued that a few of its traits give it intrinsic worth. This consists of shortage, being deflationary, the truth that it may be divided into smaller quantities known as “Satoshis” and decentralization.
Related: Bitcoin mining shares surge with broader market as merchants see much less aggressive Fed
While Rogan didn’t argue with Zeihan’s claims within the episode, the favored podcaster has beforehand voiced constructive sentiments towards Bitcoin. On May 4, Rogan stated that BTC is just like the early web and that the federal government did not see it coming. The podcaster additionally highlighted that it’s a “viable type of forex” and that it may be used to buy issues.
