Canadian billionaire and mining magnate Frank Giustra has attacked Bitcoin again, claiming that the leading cryptocurrency has failed to earn the title of “digital gold.”
His main argument is that Bitcoin is currently a speculative asset driven by “establishment.”
The latest post specifically targets “Bitcoin maximalists” like Michael Saylor, accusing them of dangerous financial evangelism that puts unskilled investors at risk.
“Eternal Identity Crisis”
Giustra argues that Bitcoin proponents are constantly changing their story to match price trends.
He argues that “digital gold” is just the latest marketing pivot after other narratives have failed.
According to the billionaire, Bitcoin started as a “currency” (payments), failed due to fees, pivoted to “inflation hedging”, failed again, and is now settled on “digital gold.”
“Bitcoin is an asset class that is undergoing a permanent identity crisis, which is why the narrative keeps pivoting to keep the hype alive,” he said.
The “cult” of maximalism
Giustra’s most powerful strength is not the technology itself, but the enthusiasm of Bitcoin proponents.
He specifically singled out Saylor for giving advice that Giustra considered reckless, such as telling people to mortgage their homes to buy Bitcoin.
“Bitcoin Maxis is a carnival barker in the information age, relying on audience authenticity rather than product promotion to sell tickets to its shows,” he said.
“Wise money” chooses gold
Finally, Giustra refutes the “Bitcoin is the future” argument by looking at what the world’s most powerful organizations are actually doing.
Billionaires are hyping Bitcoin on CNBC, and central banks (such as BRICS countries) are secretly hoarding physical gold to hedge against the US dollar.
For Giustra, this is a real “global financial reset” and Bitcoin is just a distraction.
“The truth is, since time immemorial, it’s the people with the money who make the rules,” he said.
