Bitcoin Fails as Payment Method, Stablecoins Take the Lead

Bitcoin's original purpose as a digital currency for everyday transactions has been largely forgotten, according to MARA CEO Fred Thiel. In an interview, he stated that Bitcoin 'has seen its day go by' in terms of being a medium of exchange.

Thiel explained that businesses processing thousands of transactions per second cannot afford price swings, even if they are small. This makes stablecoins a more suitable option for payments, as their value remains relatively stable.

MARA is shifting its focus beyond Bitcoin mining, redirecting power capacity towards artificial intelligence (AI) data centers. The company sold around 20,000 BTC over the past year to reduce nearly $1 billion in convertible debt, while still holding 36,303 BTC.