Investment advisor Ross Gerber has questioned Bitcoin’s real-world utility, arguing that gold remains easier to use in many places despite years of promises about cryptocurrency’s potential as a global payment and monetary system.
Gerber made the comments on X while responding to a discussion about Bitcoin’s use cases. He questioned what the crypto industry has actually built that provides meaningful value.
“Probably easier to use gold than bitcoin in most places still,” Gerber wrote, adding to his increasingly skeptical stance toward the largest cryptocurrency.
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Concerns about BTC mining
The investor has also raised concerns about the direction of the Bitcoin mining industry. He noted that several major Bitcoin miners are increasingly turning toward artificial intelligence infrastructure and selling computing capacity for AI workloads rather than focusing exclusively on cryptocurrency mining.
According to Gerber, GPUs have a more important role in powering artificial intelligence than in supporting blockchain networks. This raises the possibility that Bitcoin’s strongest days could be behind it.
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Criticizing Saylor
His latest criticism follows a series of increasingly negative comments about Bitcoin and Strategy executive chairman Michael Saylor. On Aug. 14, Gerber said Saylor’s aggressive advocacy for Bitcoin was making him less enthusiastic about the cryptocurrency.
Gerber has previously criticized Saylor over Strategy’s decision to sell Bitcoin. In April, he accused Saylor of undermining investor confidence after Strategy sold 32 BTC. The sale was notable because it marked the company’s first Bitcoin disposal since late 2022.
Gerber, who has previously disclosed that he bought Bitcoin at around $400, has also pointed to his early investments in Tesla and Nvidia as examples of bets that generated substantial returns.