Bitcoin community members rushed to social media platforms to express their grief against the claims made by Peter Zeihan.
Zeihan is an American geopolitical analyst, strategist and expert in international affairs. In a recent Joe Rogan Experience (JRE) podcast, Zeihan expressed his disinterest towards the digital currency.
According to him, Bitcoin has no intrinsic value and the crypto is nothing but a “hot dumpster fire”. He strongly believes that Bitcoin, the top-ranked digital asset by market cap is now priced more appropriately at $17,000.
Zeihan further pushed the button against the asset by claiming that the token will go down to absolutely nothing meaning completely falling from the existing value of $17,000 at the time of writing this post.
The logic made by him is in relation to the idea of economic activity on a global stage. For the economy to expand more currencies are required to make the system stable and manage the expansion.
But on the contrary, Bitcoin supply is limited causing monetary inflation which could destroy an economic model. Bitcoiners took no time to offer their response to the claims made by Peter Zeihan.
Some community members took to Twitter and pointed out that the geopolitical analyst has not read or understood the Bitcoin Whitepaper. Some called him ignorant.
Dr. Jeff Ross founder of Vailshire Capital Management hedge fund pointed out some factual errors made by Zeihan in the podcast.
Three critical errors in @PeterZeihan‘s logic that I see:— Dr. Jeff Ross (@VailshireCap) January 8, 2023
1. To be valid, money must be created and controlled by a central authority. ❌
2. Scarce money limits human productivity and economic expansion. ❌
3. #Bitcoin and #crypto are interchangeable. ❌
cc: @joerogan https://t.co/gA5szpZe7L
Meanwhile, the host Joe Rogan didn’t cross-question Zeihan’s claims. Although in the previous podcasts, he mentioned Bitcoin to be similar to the early internet that the government failed to acknowledge.
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Paras is a blockchain writer & video creator at Katoch Tubes. In his free time, he loves watching space exploration documentaries & Hollywood movies.