Bitcoin Loses Ground as Payment Method, Stablecoins Take Center Stage
MARA Holdings' CEO Fred Thiel believes Bitcoin has missed its chance to become a widely accepted payment method. Speaking in an interview, he stated that 'Bitcoin as a medium of exchange, that strategy is unfortunately, I think, has seen its day go by.'
Thiel attributes the shift away from Bitcoin to the emergence of stablecoins, which offer more stability and predictability for everyday transactions. He notes that businesses processing thousands of transactions every second cannot afford even small price swings in Bitcoin.
The MARA CEO also revealed that his company is shifting its focus beyond Bitcoin mining, with a greater emphasis on artificial intelligence (AI) data centers. This move follows the sale of around 20,000 BTC over the past year to reduce nearly $1 billion in convertible debt, leaving the company with approximately 36,303 BTC.