Is Bitcoin undervalued? Core Scientific Founder Shares Bright Ideas

Darin Feinstein, founder of Core Scientific, recently stated that Bitcoin is still significantly undervalued.

In a July 4th post on X, Feinstein shared his insights and personal experiences in the world of Bitcoin.

Table of Contents

Toggle

The true value of Bitcoin

In the post, he emphasized that Bitcoin's true value lies in its technology: the immutable record on which it operates.

Still, the most undervalued thing about bitcoin is that the immutable ledger that makes up bitcoin is worth far more than the bitcoin itself. Ledger blockspace is still undervalued,” he explained. According to Feinstein, Bitcoin's ledger represents “the most important ledger of all time and the only true record of history in the human race.”

Reflecting on Bitcoin's growth, Feinstein emphasized the institutional and governmental support the cryptocurrency has received. “Now ETFs, governments are HODLing, billionaires and presidents are backing it and you understand that this asset, Bitcoin, is not going anywhere,” he asserted.

April 17, 2013 Email verification code to Mt. Gox and set up my account and send them #Bitcoin for $68.36 in #Bitcoin.

It's almost a year since #Bitcoin disappeared.

I had an account before Mount Gox… pic.twitter.com/gtxFGPPBCm

— Darin Feinstein (@DarinFeinstein) July 4, 2024

He explained that even during periods of extreme market volatility, such as Bitcoin's recent plunge to the mid-$50,000s, the cryptocurrency's fundamental value remains intact. He added that today's threats pale in comparison to the “absolute chaos” of Bitcoin's early years, when there was skepticism and derision.

Feinstein's Independence Day message was one of perseverance and optimism. He encouraged the community to see the cryptocurrency's current price drop as an opportunity, saying, “Take this opportunity to enjoy the 4th of this great country, and know that this artificial movement of Bitcoin is an opportunity to buy more.”

Darren Feinstein's Bitcoin Journey

Feinstein described his foray into the bitcoin market, sharing his experiences with various exchanges that ultimately failed, resulting in financial losses. “On April 17, 2013, I entered the email verification code into Matte Gox and set up my account. On that day, I sent them $68.36 worth of Bitcoin,” he wrote.

About a year later, he declared that Bitcoin would disappear when Mount Gox collapsed. His accounts on other exchanges such as Bitfloor, Cryptsy and btc-e were also lost, resulting in the loss of millions of dollars in the current value of Bitcoin.

Despite these setbacks, his commitment and belief in Bitcoin has not wavered. He demonstrated this by participating in three class-action lawsuits to recover his lost bitcoins.

In the year In 2017, he traveled to Wuhan to meet with ASIC manufacturer Innosilicon and to seek support from Bitmain in Beijing and the US Ambassador to China for Bitcoin.

His trip ended with a meeting with Changpeng Zhao (CZ) in Shanghai, then he planned to move Binance to Japan. Feinstein's faith in CZ's vision led him to transfer his Bitcoin to Binance.