The bitcoin (BTC) community attacked Peter Zeihan after he made hateful comments about bitcoin on the Joe Rogan Experience.
The geopolitical strategist referred to bitcoin as a “hot dumpster fire” with no intrinsic value.
Peter Zeihan faces criticism from the crypto community
One of the recent guests on the Joe Rogan Experience Podcast, Peter Zeihan, was attacked on social media by the crypto community on Twitter after calling bitcoin a “hot dumpster fire”.
The geopolitical strategist and author also said bitcoin has no underlying value. According to Zeihan, bitcoin will continue to plummet till it hits the zero mark from its current fluctuating price of around $17,000.
Citing the maximum supply of 21 million BTC, Zeihan diminished the dominant cryptocurrency stating that it can never “be used for trade”. Peter’s argument called the crypto industry an “ideology” that makes no economic sense.
According to the American guest, the maximum supply of bitcoin inhibits the expansion of the cryptocurrency’s utility. Zeihan stated that locking the entire supply of a currency would result in economic turmoil caused by monetary inflation.
The bitcoin community reacts
After the podcast was published, bitcoiners came forward on social media to heavily object to Peter Zeihan’s view on bitcoin and the entire cryptocurrency ecology.
One user emphasized that Zeihan’s comments are reflections of an ignorant pessimist who does not understand the working fundamentals of bitcoin and blockchain technology. The user labeled fiat currency as doom to the global economy under the “accountability” of the Federal Reserve.
Another user expressed his rage by stating that Joe Rogan and Peter Zeihan had little understanding of how money works. During the episode, Peter said that fiat currency is a store of value.
However, the Federal Reserve and central banks worldwide continuously print fiat currencies increasing their overall supply. As a result, the overall value of fiat reduces over time. At the same time, inflation is strong, as the costs of goods and services continue to rise.
Joe Rogan did not express any argument against Zeihan’s opinion on cryptocurrencies. However, he expressed his bullish opinion on BTC in a different podcast with Khalil Rountree, an MMA fighter.