Ross Gerber Questions Bitcoin's Everyday Use Despite 'Endless Promise' Of Its Utility: Tesla Investor Say

Veteran investor Ross Gerber questioned on Sunday whether Bitcoin (CRYPTO: BTC) 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. (NASDAQ:MSTR)

Leading cryptocurrency investor and podcast host Scott Melker replied to Gerber’s skepticism, pointing out that with cryptocurrency-backed Mastercard Inc. (NYSE:MA) and Visa Inc. (NYSE:V) cards, a person can spend Bitcoin “almost everywhere.”

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…”