Cryptocurrency CEO Jacob King’s brief but provocative message challenged the dominant narrative surrounding Bitcoin at a time when asset prices are plunging. It has reversed much of its 2025 gains..
King argues that Bitcoin was never intended to: Store of value or inflation hedgeThese are two big labels that have been widely used to describe Bitcoin over the past few years.
The white paper never described Bitcoin as digital gold.
Bitcoin Prices have fallen in recent weeks It has revived long-standing questions about what cryptocurrency means. Most of the price surge from earlier this year has now disappeared, and sentiment across the market has shifted to a more defensive stance. In light of this, Jacob King issued a sharp critique challenging the main claims investors have attached to Bitcoin over the past decade.
king base his argument It is described in the language of the Bitcoin white paper, which describes a peer-to-peer electronic cash system designed to facilitate direct online payments without intermediaries. He emphasizes that the white paper never discusses Bitcoin as a store of value, an inflation hedge, a geopolitical haven, or any of the characteristics that dominate modern discourse.
In King’s view, high fees, limited throughput, and declining real-world usage have led proponents to adopt a new perspective that maintains enthusiasm even if it has nothing to do with what Bitcoin creator Satoshi Nakamoto outlined in 2008.
Satoshi explicitly described Bitcoin as a peer-to-peer system for online payments. The idea of Bitcoin as a form of digital gold was created by maximalists to attract a new wave of retail buyers.
Bitcoin’s recent price crash supports King’s criticism
King’s comments came at a moment when the price of Bitcoin was falling. Play something other than stability. The major cryptocurrency has fallen sharply from its 2025 highs, reversing most of this year’s gains and sending shockwaves through the broader market.
This decline led to liquidations, dampened sentiment for major altcoins, and raised new doubts about Bitcoin’s defensive nature during periods of stress.
King’s views on Bitcoin are in direct conflict with Bitcoin’s views. Some of the most influential voices In Global Finance. Michael Saylor has repeatedly described Bitcoin as the superior successor to gold, calling it a “digital asset.”
Larry Fink of BlackRock Taking ideas mainstream When he said Bitcoin had become a hedge to overcome and resolve local fears, he was implying that the asset was maturing into a global store of value.
Tom Lee, Head of Research at Fundstrat Global, said: also accepted this point of view.If Bitcoin captures 25% of gold’s market share, the value of Bitcoin could rise to the $200,000 to $250,000 range, it said.
Earlier this year, Federal Reserve Chairman Jerome Powell said Reflecting similar sentiments, We note that Bitcoin now serves as a legitimate competitor to gold.
As of this writing, Bitcoin is trading at $84,130.
Featured image from Unsplash, chart from TradingView
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