A succinct but provocative message from crypto CEO Jacob King challenged the prevailing narrative surrounding Bitcoin at a time when its price was soaring. Reversed much of the gains in 2025.
King claims that Bitcoin was never intended to work that way. Store of value or inflation hedgetwo big labels that have been widely used to describe Bitcoin in recent years.
Whitepaper never describes Bitcoin as digital gold
Bitcoin’s Price decline in recent weeks The long-standing question of what cryptocurrencies were meant to represent has resurfaced. Much of the price spike earlier this year has now dissipated, and overall market sentiment has turned defensive. In light of this, Jacob King has published a scathing critique that challenges the main arguments that investors have attached to Bitcoin over the past decade.
king the basis for his argument The language of Bitcoin’s white paper describes a peer-to-peer electronic cash system designed to facilitate online payments directly without going through an intermediary. He emphasized that the white paper never discusses Bitcoin as a store of value, an inflation hedge, a geopolitical haven, or any of the properties that dominate contemporary discourse.
In King’s view, high fees, limited throughput and declining real-world usage have led proponents to adopt new perspectives that maintain enthusiasm, even if those stories have nothing to do with what Bitcoin founder Satoshi Nakamoto outlined in 2008.
Satoshi clearly described Bitcoin as a peer-to-peer system for online payments. The idea of Bitcoin as a type of digital gold was invented by maximalists to attract a new wave of retail buyers.
Bitcoin’s recent price crash confirms Dr. King’s criticism
King’s comments come at a moment of Bitcoin price volatility. Play something other than stability. Major cryptocurrencies have fallen sharply from their 2025 highs, reversing most of this year’s gains and shocking the entire market.
The decline led to liquidations, weakened sentiment across major altcoins, and raised new doubts about Bitcoin’s ability to defend itself during times of stress.
Martin Luther King Jr.’s views on Bitcoin: some of the most influential voices in the field of global finance. Michael Saylor has repeatedly described Bitcoin as a “digital asset” and a great successor to gold.
Blackrock’s Larry Fink That idea became mainstream He said that Bitcoin has become a hedge to overcome and deal with regional unrest, but his words suggested that Bitcoin is maturing as a global store of value.
Tom Lee, Head of Research at Fundstrat Global, said: I also accepted this point of view.said that if Bitcoin can capture 25% of gold’s market share, its valuation could rise to the $200,000 to $250,000 range.
Earlier this year, Federal Reserve Chairman Jerome Powell I repeated the same impression, He noted that Bitcoin currently serves as a legitimate competitor to gold.
At the time of this writing, Bitcoin is trading at $84,130.
Featured image from Unsplash, chart from TradingView
