Bitcoin Is Still Massively Undervalued, Core Scientific Founder Says

Darin Feinstein, the founder of Bitcoin miner and digital asset infrastructure firm Core Scientific, is bullish on Bitcoin.

According to Feinstein, the Bitcoin ecosystem has witnessed massive growth and adoption since the chaotic early days. More than that, he sees the Bitcoin ledger as the real value of BTC – and this is still massively undervalued.

He also says Bitcoin’s current price drop is “artificial” and that this is another opportunity to buy.

Mt.Gox and Bitcoin’s price crash

Bitcoin dropped to around $56,700 earlier today, but has seen a slight rebound to currently change hands near $58,200. The reason for the drop? Miner capitulation, German government sell-off and Mt. Gox.

Feinstein commented on Bitcoin amid latest Mt. Gox news. 

“Today the Mt. Gox Bitcoin is being sold and Bitcoin has “crashed” from mid $60,000 range to the mid $50,000 range,” Feinstein said in a post on X. “If you are new to this space and have not had to witness complete chaos for the first 8+ years of Bitcoin, this drop seems meaningful. It is not.”

The Core Scientific founder says he entered crypto in 2012, and sent his first Bitcoin to Mt. Gox on April 17, 2013.

Bitcoin massively undervalued

Feinstein notes that most people did not take Bitcoin seriously in the early days, but it’s a different story altogether today. 

The market has Bitcoin ETFs, governments are hodling BTC and billionaires and presidents support it. Amid this, the understanding is that Bitcoin is here to stay.

Since Bitcoin’s launch on January 3, 2009, there are very few days on which the price of BTC has been at or anywhere near where it is today. Just as well, global support “has never been more significant.”

“And what is still massively undervalued about Bitcoin is that the immutable ledger that [it] runs on is infinitely more valuable than the Bitcoin itself, the ledger blockspace is still not priced in. Bitcoin only has value because the rails it runs on is the most important accounting ledger of all time and the only true record of history in humanity,” he wrote.