Ross Gerber Questions Bitcoin's Everyday Use Despite 'Endless Promise' Of Its Utility: Tesla Investor Says Haven't Sold Any BTC Unlike Michael Saylor

Veteran investor Ross Gerber questioned on Sunday whether Bitcoin has everyday practicality despite the “endless promises of its use cases.”Does Bitcoin Have Utility?In an X post, Gerber said it’s “probably easier” to use gold over Bitcoin in most places, criticizing the cryptocurrency industry for limited value creation beyond certain products.“What have these people built of value: stablecoins? Really? So what’s the point of having a monetary system that can’t really be used?” the CEO of Gerber Kawasaki Wealth and Investment Management said.Gerber said he had genuine questions, pointing out that he hasn’t sold any Bitcoin while taking a dig at Michael Saylor’s firm, Strategy Inc. )Probably easier to use gold than bitcoin in most places still despite the endless promises of its use cases… what have these people built of value, stable coins? Really? So what’s the point of having a monetary system that can’t really be used… I’m just asking some questions…Leading cryptocurrency investor and podcast host Scott Melker replied to Gerber’s skepticism, pointing out that with cryptocurrency-backed Mastercard Inc. ) and Visa Inc. (NYSE:V) cards, a person can spend Bitcoin “almost everywhere.”That’s not remotely true, but I understand the sentiment.You can find a way to pay with bitcoin almost anywhere, especially with crypto backed Mastercard and Visa cards.Not a Good Sign for Bitcoin?Gerber also expressed concerns about large Bitcoin mining companies pivoting hardware and capacity toward AI compute rather than pure-play BTC mining.“Can’t be a good sign for Bitcoin,” Gerber said. “GPUs have a much more important role doing AI compute versus managing a blockchain… maybe its best days are behind it…”Mining revenue is projected to plummet from around 85% of total revenue in early 2025 to less than 20% by the end of 2026 for companies that have secured AI contracts, CoinShares stated in a report. Additionally, analysts estimate 20% of Bitcoin miner power capacity will shift to AI and high-performance computing by the end of 2027.Seems odd that the major bitcoin miners are all selling AI compute versus managing a blockchain… can’t be a good sign for bitcoin. GPUs have a much more important role doing AI compute versus managing a blockchain… maybe its best days are behind it… Read Also: Mark Cuban Once Told Bill Maher He’d Be ‘Dumb’ to Choose Gold Over Bitcoin — Less Than Four Years Later, the 'Shark Tank' Star Has Dumped Most of His BTC From Bull to SkepticOnce a vocal advocate of Bitcoin, Gerber has lately grown more skeptical of the apex cryptocurrency.Earlier in June, he said that Bitcoin had “lost the narrative,” while praising gold for its consistency as a stable asset.Gerber also linked Bitcoin’s underperformance to President Donald Trump’s profits from cryptocurrency businesses, suggesting that this had dented the sentiment and the industry’s legitimacyPrice Action: At the time of writing, BTC was exchanging hands at $63,459, up 0.60% in the last 24 hours, according to data from Benzinga Pro. Read Also: Bitcoin Holding Above $60,000 Is 'Very Telling', Analyst Says Photo: Memory Stockphoto / Shutterstock