Bitcoin's Value Rebounds to $80,000 Amid Skepticism Over Long-Term Viability

Bitcoin's value rebounded to around $80,000 on Friday, but investor Jason Calacanis remains skeptical about its long-term viability. In his view, Bitcoin has failed to live up to its early promise as a widely-used digital payment system.

Calacanis likened Bitcoin to a CD in the era of Spotify or a DVD compared to Netflix, suggesting that it has lost its appeal with the general public after 17 years.

However, Michael Saylor, executive chairman of Strategy, defended Bitcoin as 'digital capital' and pointed out its market capitalization of around $1.6 trillion. He emphasized that preserving wealth over the long term is now a key use case for the asset, rather than its original purpose as a daily means of payment.

Strategy itself has adjusted its approach to managing its Bitcoin holdings, buying additional BTC at the end of August and holding 845,050 coins valued at around $63.73 billion. Saylor even suggested that the company might consider monetizing some of its reserves in the future.