Bitcoin community unhappy with criticism of Peter Zeihans on Joe Rogan podcast

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Members of the Bitcoin (BTC) community have taken to social media to respond to claims made by Peter Zeihan, one of the latest guests on the Joe Rogan Experience (JRE) podcast.

In a recent episode of JRE, Zeihan, who is an American geopolitical analyst and author, claimed that crypto is still a burning trash fire and Bitcoin has no intrinsic value. The analyst claimed that the number one digital asset by market capitalization is now valued more appropriately.

Furthermore, Zeihan argued that Bitcoin, which is currently trading at around $17,000 at the time of writing, will drop another $17,000, saying its appropriate price is in the negatives. He added:

The craziest thing about Bitcoin is that there will never be more than X units of Bitcoin. By default, this means it cannot be used for trading.

Zeihan also argued that the whole idea of ​​economic activity is that there is expansion, which means you need more foreign currency to lubricate and manage that expansion. The analyst argued that if a currency supply is blocked, there will be monetary inflation and this could destroy an economic model.

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Due to Zeihans’ comments, Bitcoiners almost immediately offered their responses and offered counter-arguments to Zeihans’ claims. Some community members immediately pointed out that the analyst had not read and understood the Bitcoin whitepaper.

Bitcoiner pointing out not reading BTC whitepaper. Source: Twitter

Swan Bitcoin executive Alex Stanczyk also criticized the JRE guest and said his comments were ignorant. Almost everything this expert has said in this short time is complete nonsense, Stanczyk wrote.

Jeff Ross, the founder of hedge fund Vailshire Capital, also pointed out flaws in Zeihan’s arguments. He tweeted:

Three critical errors in @PeterZeihan’s logic that I see:1. To be valid, the currency must be created and controlled by a central authority. 2. The scarcity of money limits human productivity and economic expansion. 3. #Bitcoin and #crypto are interchangeable.

cc: @joerogan https://t.co/gA5szpZe7L

— Dr. Jeff Ross (@VailshireCap) January 8, 2023

Meanwhile, one community member proudly defended Bitcoin and argued that some of its characteristics give it intrinsic value. This includes scarcity, being deflationary, the fact that it can be divided into smaller quantities called “Satoshis” and decentralization.

Related: Bitcoin Mining Stocks Rise with Broader Market as Traders See Less Aggressive Fed

While Rogan didn’t dispute Zeihans’ claims in the episode, the popular podcaster has already expressed positive sentiments towards Bitcoin. On May 4, Rogan said BTC was similar to the early internet and the government didn’t see it coming. The podcaster also pointed out that it is a “viable form of currency” and can be used to buy things.

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