Veteran investor Ross Gerber questioned on Sunday whether Bitcoin (CRYPTO: BTC) has everyday practicality despite the “endless promises of its use cases.”
Does Bitcoin Have Utility?
In an X post, Gerber said it’s “probably easier” to use gold over Bitcoin in most places, criticizing the cryptocurrency industry for limited value creation beyond certain products.
“What have these people built of value: stablecoins? Really? So what’s the point of having a monetary system that can’t really be used?” the CEO of Gerber Kawasaki Wealth and Investment Management said.
Gerber said he had genuine questions, pointing out that he hasn’t sold any Bitcoin while taking a dig at Michael Saylor’s firm, Strategy Inc. (NASDAQ:MSTR)
Leading cryptocurrency investor and podcast host Scott Melker replied to Gerber’s skepticism, pointing out that with cryptocurrency-backed Mastercard Inc. (NYSE:MA) and Visa Inc. (NYSE:V) cards, a person can spend Bitcoin “almost everywhere.”
Not a Good Sign for Bitcoin?
Gerber also expressed concerns about large Bitcoin mining companies pivoting hardware and capacity toward AI compute rather than pure-play BTC mining.
“Can’t be a good sign for Bitcoin,” Gerber said. “GPUs have a much more important role doing AI compute versus managing a blockchain… maybe its best days are behind it…”
Mining revenue is projected to plummet from around 85% of total revenue in early 2025 to less than 20% by the end of 2026 for companies that have secured AI contracts, CoinShares stated in a report. Additionally, analysts estimate 20% of Bitcoin miner power capacity will shift to AI and high-performance computing by the end of 2027.
From Bull to Skeptic
Once a vocal advocate of Bitcoin, Gerber has lately grown more skeptical of the apex cryptocurrency.
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Earlier in June, he said that Bitcoin had “lost the narrative,” while praising gold for its consistency as a stable asset.
Gerber also linked Bitcoin’s underperformance to President Donald Trump’s profits from cryptocurrency businesses, suggesting that this had dented the sentiment and the industry’s legitimacy
Price Action: At the time of writing, BTC was exchanging hands at $63,459, up 0.60% in the last 24 hours, according to data from Benzinga Pro.
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