Bitcoin’s perception remains polarizing despite its growing institutional adoption, as highlighted in a recent conversation on cryptocurrency.
Roundtable anchor, Rob Nelson, alongside Paul Giordano, V.P. of Digital Asset Management at Marathon Digital, discussed the ongoing skepticism surrounding Bitcoin. Nelson reflected on comedian Bill Maher’s comments labeling Bitcoin as a “numbers game” and a scam, while Giordano provided insights into why such misconceptions persist.
Nelson expressed frustration over the continued view of Bitcoin as a mere lottery, stating, “Do you not get that if BlackRock and Fidelity aren’t enough to convince you that they’re putting pension funds into this, what else do you need to see?” He emphasized the significance of institutional investment in digital assets.
Paul Giordano explained the challenges people face in understanding Bitcoin’s true value, noting, “It’s not easy to transact. People understand money to be something that you use at the store, and Bitcoin isn’t really built for that.” He stressed that while Bitcoin may not function like traditional currency, it holds immense value due to its decentralized nature.
To be sure, Bitcoin’s price is volatile and can move up and down, but investors often look at the costs miners are spending on energy to produce new Bitcoins as a proxy for a more rational price floor. As the overall number of new Bitcoins to be mined continues to drop, the cryptocurrency becomes more scarce if demand at least keeps pace. This year, investors have gobbled up billions of dollars worth of Bitcoin via new ETFs.
When asked what the average investor needs to grasp, Giordano pointed out the key aspect they often miss: “The number one benefit that I see in Bitcoin is the fact that it has a fixed supply. Every other asset in the world that you could think of… the supply will grow. Bitcoin has a fixed supply and it could not be added regardless of whether the price goes up or down.”
Giordano concluded by emphasizing Bitcoin’s role in protecting against inflation, stating, “We see this inflationary environment in everything that we do in our lives… but Bitcoin protects us from that, and to me, that’s the best advantage of Bitcoin.”
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