Bitcoin is facing renewed criticism from investment adviser Ross Gerber, who questioned the cryptocurrency’s practical utility on Aug. 16 and argued that physical gold remains easier to use in many places.
Summary
- Bitcoin drew fresh criticism from Ross Gerber, who said gold remains easier to use globally.
- Gerber questioned Bitcoin’s practical utility despite previously supporting the cryptocurrency and offering exposure to clients.
- Strategy’s first 2026 Bitcoin sale occurred in late May, not April, SEC filings confirm officially.
- Strategy later sold 1,638 Bitcoin worth $104.7 million during the week ending August 2, 2026.
- Bitcoin traded near $63,528 Monday as Gerber renewed criticism of its utility against physical gold.
Gerber wrote in an X post that it was “probably easier to use gold than bitcoin in most places still.” He also questioned what lasting products the crypto industry had built despite years of claims about Bitcoin’s monetary use cases. The comments represent Gerber’s opinion and do not establish that gold is objectively more useful than Bitcoin.
Bitcoin criticism marks a shift for Gerber
Gerber’s stance is notable because his firm has previously embraced digital assets. Gerber Kawasaki says it partnered with Gemini in April 2021 to provide digital asset exposure to clients, while Gerber himself spent years speaking positively about Bitcoin.
His tone has become increasingly skeptical in 2026. Gerber recently wrote that Michael Saylor “kinda makes me over Bitcoin” and said the asset was becoming difficult for him to take seriously. Those remarks are personal assessments rather than evidence that Strategy’s activity has damaged Bitcoin’s network or long-term value proposition.
As crypto.news previously reported, Gerber accused Saylor’s leveraged Bitcoin strategy of hurting the market, although he provided no data showing Strategy alone caused Bitcoin’s price declines.
Strategy has continued selling Bitcoin in 2026
One detail in earlier coverage requires correction. Strategy did not sell 32 BTC in April. Its SEC filing shows the company sold 32 BTC between May 26 and May 31 for roughly $2.5 million at an average price of $77,135. It was Strategy’s first disclosed Bitcoin sale since December 2022.
The company has since made larger disposals. Strategy sold another 1,638 BTC for $104.7 million during the week ending Aug. 2, then sold 1,690 BTC for $108.6 million between Aug. 3 and Aug. 9. The latter proceeds funded repurchases of its STRC preferred stock. Strategy held 840,447 BTC as of Aug. 9 at an aggregate purchase cost of $63.36 billion.
In related coverage, crypto.news reported that Strategy’s first 32 BTC sale broke a nearly four-year accumulation streak.
Bitcoin miners are shifting capacity toward AI
Gerber has also questioned Bitcoin mining as companies redirect infrastructure toward artificial intelligence workloads. That shift is real among several listed miners, although it does not mean Bitcoin mining is disappearing.
Core Scientific, for example, said in April that it was converting a Pecos, Texas facility with 300 megawatts then used for Bitcoin mining into an AI data-center campus. Its second-quarter filing showed colocation revenue rising to $136.7 million while digital asset self-mining revenue fell to $21.5 million.
As crypto.news reported, Bitcoin miners are increasingly converting power infrastructure into AI data centers as demand for high-performance computing grows. That business shift supports part of Gerber’s observation about miners, but it does not prove his broader claim that Bitcoin’s strongest period has passed.
Bitcoin traded around $63,528 on Monday, up roughly 0.8% from the previous close. There is no evidence that Gerber’s remarks caused the move.
Gerber’s comments instead add to an ongoing debate over whether Bitcoin should primarily be judged as a payment network, store of value or investment asset. His criticism also comes as Strategy continues managing Bitcoin alongside preferred-stock obligations and major miners increasingly weigh Bitcoin economics against AI infrastructure revenue.
Be the first to comment