According to Cointelegraph, Zeihan asserted that bitcoin has no fundamental value and that the cryptocurrency market is constantly a “hot trash fire.”
As reported by Cointelegraph, Peter Zeihan, a recent guest on the Joe Rogan Experience (JRE) podcast, made several allegations that the bitcoin community chose to respond to on social media.
According to Cointelegraph, American geopolitical researcher and novelist Zeihan asserted that bitcoin has no fundamental worth and that the cryptocurrency market is constantly a “hot dumpster fire.” According to reports, Zeihan said that the most valuable digital asset in terms of market capitalization is presently being valued “more correctly.”
“The most absurd aspect of Bitcoin is that there will never be more than X units of the currency. It implies it can’t be used for trade by default,” Zeihan said.
Zeihan further said that the “whole premise of economic activity is that there’s expansion, which implies you need more money to lubricate and manage that expansion” based on data provided by Cointelegraph. Zeihan further emphasised that if a currency’s supply is limited, there would be inflation in the money supply, which might “destroy an economic model.” According to reports, Bitcoiners disputed Zeihan’s assertions.
Additionally, Cointelegraph said that a member of the community defended Bitcoin and advanced the claim that it had inherent value because to factors like scarcity, deflation, the ability to be divided into smaller units called satoshis, and decentralisation, among others.
