Is Bitcoin Undervalued? Core Scientific Founder Shares Optimistic Thoughts

Darin Feinstein, founder of Core Scientific, recently asserted that Bitcoin is still massively undervalued.

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

Bitcoin’s True Value

In the post, he stressed that the true value of Bitcoin lies in its underlying technology: the immutable ledger on which it operates.

“What is still massively undervalued about Bitcoin is that the immutable ledger that Bitcoin runs on is infinitely more valuable than the Bitcoin itself. The ledger blockspace is still not priced in,” he explained. According to Feinstein, the Bitcoin ledger represents “the most important accounting ledger of all time and the only true record of history in humanity.”

Reflecting on Bitcoin’s growth, Feinstein emphasized the institutional and governmental support the cryptocurrency has gotten. “Now you have ETFs, governments HODLing, billionaires and Presidents supporting, and an understanding that this asset, Bitcoin, is never going anywhere,” he asserted.

On April 17, 2013 I entered the email confirmation code into Mt. Gox and set up my account, sending them #Bitcoin valued that day at $68.36 per #Bitcoin.

It would be almost a year before this #Bitcoin would be lost.

I had an account at https://t.co/acsIaKKM6X prior to Mt. Gox,… pic.twitter.com/gtxFGPPBCm

— Darin Feinstein (@DarinFeinstein) July 4, 2024

He stated that even during periods of extreme market volatility, such as Bitcoin’s recent drop to the mid $50,000 range, the cryptocurrency’s fundamental value remains intact. He added that today’s concerns are minimal compared to the “complete chaos” experienced in Bitcoin’s early years, where skepticism and mockery were common.

Feinstein’s message on Independence Day was one of resilience and optimism. He encouraged the community to see the cryptocurrency’s current price drop as an opportunity stating, “Take this opportunity to enjoy the 4th in this great country, and know this artificial Bitcoin movement is a chance to buy more.”

Darin Feinstein’s Bitcoin’s Journey

Feinstein recounted his entry 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 confirmation code into Mt. Gox and set up my account, sending them Bitcoin valued that day at $68.36 per Bitcoin,” he wrote.

He went on to explain that almost a year later, this Bitcoin would be lost when Mt. Gox collapsed. His accounts on other exchanges like Bitfloor, Cryptsy, and btc-e also vanished, resulting in the loss of millions of dollars at current Bitcoin prices.

Despite these setbacks, his determination and belief in Bitcoin never stopped. He demonstrated this by becoming involved in three class-action lawsuits in an attempt to recover his lost Bitcoin.

In 2017, he traveled to Wuhan to meet with ASIC manufacturer Innosilicon and then to Beijing to engage with Bitmain and the U.S. Ambassador to China to get support for Bitcoin.

His journey ended in a meeting with Changpeng Zhao (CZ) in Shanghai, who was then planning to move Binance to Japan. Feinstein’s confidence in CZ’s vision led him to transfer his Bitcoin to Binance.