Gerber Questions Bitcoin's Everyday Use Cases

Veteran investor Ross Gerber has questioned Bitcoin's everyday use cases, suggesting it may be easier to use gold instead. In an X post, Gerber said he had genuine questions about the cryptocurrency industry's limited value creation beyond stablecoins and its inability to be used as a monetary system. He pointed out that he hasn't sold any Bitcoin, unlike Michael Saylor's firm Strategy Inc., which has been advocating for BTC adoption.

Gerber also expressed concerns about large Bitcoin mining companies pivoting their hardware and capacity towards AI compute rather than pure-play BTC mining. This shift may not be a good sign for Bitcoin, he said, as GPUs have a more important role in AI compute versus managing a blockchain. According to CoinShares, mining revenue is projected to plummet from 85% of total revenue in early 2025 to less than 20% by the end of 2026.

Gerber's skepticism comes after he previously praised gold for its consistency as a stable asset and linked Bitcoin's underperformance to President Donald Trump's profits from cryptocurrency businesses. Scott Melker, a leading cryptocurrency investor and podcast host, replied to Gerber's skepticism by pointing out that with cryptocurrency-backed Mastercard and Visa cards, a person can spend Bitcoin almost everywhere.