Darin Feinstein, the founder of Bitcoin miner and digital asset infrastructure firm Core Scientific, is optimistic about Bitcoin’s future.

According to Feinstein, the Bitcoin ecosystem has experienced significant growth and adoption since its early chaotic days. He emphasizes that the real value of Bitcoin lies in its ledger, which he believes is still vastly undervalued. Feinstein also considers Bitcoin’s current price drop to be “artificial,” viewing it as another buying opportunity.

Mt. Gox and Bitcoin’s Price Drop

Bitcoin recently dropped to around $56,700 but has slightly rebounded to approximately $58,200. The reasons for this drop include miner capitulation, a German government sell-off, and factors related to Mt. Gox.

Feinstein commented on Bitcoin amid the latest Mt. Gox developments. He noted, “Today the Mt. Gox Bitcoin is being sold, and Bitcoin has ‘crashed’ from the mid $60,000 range to the mid $50,000 range. 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.”

Feinstein mentioned that he entered the crypto space in 2012 and sent his first Bitcoin to Mt. Gox on April 17, 2013.

Bitcoin Massively Undervalued

Feinstein notes that in Bitcoin’s early days, most people did not take it seriously. However, the situation is different today. The market now includes Bitcoin ETFs, governments are holding BTC, and both billionaires and presidents support it. This demonstrates that Bitcoin is here to stay.

Since Bitcoin’s launch on January 3, 2009, its price has rarely been at or near current levels. Global support for Bitcoin has never been more significant. Feinstein adds, “What is still massively undervalued about Bitcoin is that the immutable ledger it runs on is infinitely more valuable than Bitcoin itself. The ledger blockspace is still not priced in. Bitcoin only has value because the rails it runs on are the most important accounting ledger of all time and the only true record of history in humanity.”

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