CoinDesk reports:
Darin Feinstein, founder of Core Scientific, recently asserted that Bitcoin remains severely undervalued. In a July 4th post, Feinstein shared his insights and personal journey within the Bitcoin space.
The True Value of Bitcoin
Feinstein emphasized in his post that the true value of Bitcoin lies in its underlying technology: its operation on an immutable ledger. He explained, “Bitcoin’s immutable ledger on which it operates remains severely undervalued compared to Bitcoin itself. Ledger block space remains unpriced.” According to Feinstein, Bitcoin’s ledger represents “the most significant accounting ledger in history and the only true record in human history.”
Reflecting on Bitcoin’s growth, Feinstein underscored the institutional and governmental support cryptocurrencies have garnered. He asserted, “Now, ETFs, governments, billionaires, and presidents are supporting Bitcoin, understanding that this asset will never make any progress.”
Feinstein conveyed resilience and optimism on Independence Day. He encouraged the community to view the current dip in cryptocurrency prices as an opportunity, stating, “Seize the moment, enjoy the Fourth in this great nation, and know this artificial Bitcoin movement is an opportunity to buy more.”
Darin Feinstein’s Bitcoin Journey
Feinstein recounted his entry into the Bitcoin market, detailing his experiences across various exchanges, many of which ultimately failed, leading to financial losses. He wrote, “On April 17, 2013, I entered the email confirmation code at Mt. Gox and set up my account, sending them #Bitcoin worth $68.36 on that day.” He explained that approximately a year later, the Bitcoin was lost when Mt. Gox collapsed. Accounts on other exchanges like Bitfloor, Cryptsy, and btc-e also vanished, resulting in losses amounting to millions of dollars at current Bitcoin prices.
Despite these setbacks, his determination and belief in Bitcoin never wavered. He participated in three class-action lawsuits attempting to recover lost Bitcoin, a testament to his commitment.
In 2017, he traveled to Wuhan to meet with ASIC manufacturer Innosilicon, then to Beijing to engage with Bitmain and the U.S. Ambassador to China for Bitcoin support. His journey concluded in Shanghai, where he met with Zhao, who was then planning to relocate Binance to Japan. Feinstein’s confidence in CZ’s vision prompted him to move his Bitcoin to Binance.