Canadian billionaire and mining mogul Frank Giustra has taken yet another shot at Bitcoin, arguing that the leading cryptocurrency had failed to earn the title of “digital gold.”
His core argument is that Bitcoin is currently a speculative asset driven by “dogma.”
In his most recent post, he specifically targets “Bitcoin maximalists” of the likes of Michael Saylor, accusing them of dangerous financial evangelism that puts unsophisticated investors at risk.
“Perpetual identity crisis”
Giustra argues that Bitcoin proponents constantly change their story to fit the price action.
He claims that “digital gold” is simply the latest marketing pivot after the failure of other narratives.
According to the billionaire, Bitcoin started as a “currency” (payments), failed due to fees, and pivoted to an “inflation hedge,” failed again, and has now settled on “digital gold.”
“Bitcoin is an asset class in a perpetual identity crisis. That’s why the narrative keeps pivoting to keep the hype alive,” he said.
The “cult” of maximalism
Giustra’s strongest “beef” is the”zealotry” of Bitcoin promoters instead of the technology itself.
He has specifically singled out Saylor for giving what Giustra considers reckless advice (like telling people to mortgage their homes to buy Bitcoin).
“Bitcoin maxis are the carnival barkers of the information age, selling tickets to a show that relies not on the product being hyped but on the audience’s credulity,” he said.
The “smart money” chooses gold
Finally, Giustra counters the “Bitcoin is the future” argument by looking at what the world’s most powerful entities are actually doing.
Billionaires hype Bitcoin on CNBC, central banks (the BRICS nations and others) are quietly hoarding physical gold to bypass the U.S. dollar.
To Giustra, this is the real “global financial reset,” and Bitcoin is merely a distraction.
“The truth is that from the earliest times, it’s he who holds the gold that makes the rules,” he said.
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