Bitcoin Founder Darin Feinstein Says BTC Ledger Is Massively Undervalued, Current Price Drop Is \'Artificial\'

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

Bitcoin miner and digital asset infrastructure firm Core Scientific's founder Darin Feinstein is bullish on BTC.

According to Feinstein, the Bitcoin ecosystem has seen massive growth and adoption since the chaotic early days. Moreover, he believes that the Bitcoin ledger is the true value of BTC – and this is still massively undervalued.

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

Mt.Gox and Bitcoin's price crash

Earlier today, Bitcoin fell to around $56,700, before recovering slightly to currently trade in the mid $58,000s. The reason for the drop? Miner capitulation, German government sell-off and Mt. Gox.

Feinstein commented on Bitcoin amid the 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,” wrote Feinstein 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 joined crypto in 2012, and sent his first BTC to Mt. Gox on April 17, 013.

Bitcoin massively undervalued

Feinstein notes that in the early days, most people did not take Bitcoin seriously, but today is a whole different story.

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

Since Bitcoin launched on January 3, 2009, there have been very few days where the price of BTC was at or anywhere near where it is today. Equally, 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.

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