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Is Bitcoin Undervalued? Core Scientific Founder Shares Optimistic Thoughts — TradingView News
Darin Feinstein, founder of Core Scientific, recently said that Bitcoin is still severely undervalued.
In a July 4 post on X, Feinstein shared her insights and personal experiences in the world of Bitcoin.
The Real Value of CryptoPotatoBitcoin
In the post, he stressed that the true value of Bitcoin lies in the technology it is based on: the immutable ledger on which it operates.
“What is still largely underappreciated about Bitcoin is that the immutable ledger that Bitcoin runs on is infinitely more valuable than Bitcoin itself. The blockchain ledger is not yet listed,” he explained. According to Feinstein, the Bitcoin ledger represents “the most important accounting ledger of all time and the only true record of human history.”
Reflecting on Bitcoin’s rise, Feinstein noted the institutional and government support the cryptocurrency has received. “Now you have ETFs, governments HODLing, billionaires and presidents supporting it, and the understanding that this asset, Bitcoin, is never going anywhere,” he said.
On April 17, 2013, I entered my email confirmation code into Mt. Gox and created my account, sending them #Bitcoin worth that day $68.36 per #Bitcoin.
It would take almost a year for this #Bitcoin to be lost.
I had an account on https://t.co/acsIaKKM6X before Mt. Gox,… pic.twitter.com/gtxFGPPBCm
— Darin Feinstein (@DarinFeinstein) July 4, 2024
He said that even during periods of extreme market volatility, such as Bitcoin’s recent dip into the mid-$50,000 range, the cryptocurrency’s fundamental value remains intact. He added that today’s concerns are minimal compared to the “complete chaos” experienced in Bitcoin’s early years, where skepticism and derision were common.
Feinstein’s Independence Day message was one of resilience and optimism. He encouraged the community to see the cryptocurrency’s current price decline as an opportunity, saying, “Take this opportunity to enjoy the Fourth of July in this great country and know that this artificial movement of Bitcoin is an opportunity to buy more.” Darin Feinstein’s Bitcoin Journey
Feinstein recounted his entry into the Bitcoin market, sharing his experiences with various exchanges that ultimately failed, resulting in financial losses. “On April 17, 2013, I entered my email confirmation code into Mt. Gox and set up my account, sending them Bitcoins that day worth $68.36 per Bitcoin,” he wrote.
He went on to explain that almost a year later, this Bitcoin would be lost when Mt. Gox collapsed. His accounts on other exchanges like Bitfloor, Cryptsy, and btc-e also disappeared, resulting in the loss of millions of dollars at current Bitcoin prices.
Despite these setbacks, his determination and faith in Bitcoin never wavered. He has proven this by getting involved in three class action lawsuits in an attempt to recover his lost Bitcoin.
In 2017, he traveled to Wuhan to meet with ASIC manufacturer Innosilicon and then to Beijing to work with Bitmain and the US ambassador to China to gain support for Bitcoin.
His trip ended with a meeting with Changpeng Zhao (CZ) in Shanghai, who was then planning to move Binance to Japan. Feinstein’s faith in CZ’s vision led him to move his Bitcoin to Binance.