Investment advisor Ross Gerber has taken another public swipe at Bitcoin, arguing that the asset still trails a much older store of value in everyday practicality. "Probably easier to use gold than bitcoin in most places still," Gerber wrote, according to U.Today, reviving a long-running debate over whether Bitcoin has actually delivered on its promise as a usable medium of exchange.
Gerber, who has run Gerber Kawasaki Wealth and Investment Management for years, framed his comment as a broader critique of the crypto industry's follow-through. Despite years of promises that Bitcoin would function as a global payment system, he argued the sector has yet to deliver meaningful, everyday utility to match that pitch.
Miners are quietly abandoning the pure-crypto pitch
Part of Gerber's skepticism rests on where the mining industry itself is putting its money. He pointed to major Bitcoin miners increasingly pivoting toward AI infrastructure and GPU capacity rather than doubling down on crypto mining alone — a trend that has accelerated sharply this year. Miners including IREN, Core Scientific and TeraWulf have all shifted meaningful capacity toward AI data center contracts, with mining revenue for companies that have landed AI deals projected to fall from roughly 85% of total revenue in early 2025 to under 20% by the end of 2026, according to CoinShares' 2026 outlook. IREN alone closed a $3 billion convertible notes deal in May to help fund that transition.
To Gerber, that shift reads as a tacit admission from the industry's own infrastructure operators that Bitcoin mining alone is no longer the more attractive business — a signal he argues undercuts the case that Bitcoin's best days as a standalone asset are still ahead.
Saylor's reversal adds fuel to the criticism
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Gerber's comments follow a pattern of increasingly pointed criticism of Strategy executive chairman Michael Saylor, the corporate world's most prominent Bitcoin bull. Gerber has grown more negative on Bitcoin in tandem with what he sees as Saylor's overly aggressive advocacy, a shift he flagged again on August 14.
That skepticism was sharpened in June, when Strategy sold 32 BTC for roughly $2.5 million — its first Bitcoin sale since December 2022, breaking years of public commitment to a "never sell" policy. The company later formalized a broader BTC Monetization Program, disclosed in SEC filings, that allows it to sell Bitcoin from its treasury to help fund up to $1.25 billion for its USD Reserve. Strategy shares fell nearly 6% on the news of the initial sale, and Bitcoin itself dipped about 2% to its lowest level in weeks.
Gerber has disclosed he bought into Bitcoin around the $400 level himself, and often contrasts that early bet with his more successful long-term positions in Tesla and Nvidia — framing his current Bitcoin skepticism less as a rejection of crypto broadly and more as a judgment that the asset has failed to grow into the utility case that first drew him in.
