Ross Gerber says Bitcoin harder to use than gold, Bitcoin at $63,500

Bitcoin traded near $63,500 on Monday, edging up about 0.6% in the last 24 hours, as veteran investor Ross Gerber publicly doubted the cryptocurrency’s practical use versus gold and warned that miners shifting hardware to AI could signal “maybe its best days are behind it” [1].

Gerber’s utility critique

In an X post on Aug 16, Gerber argued that gold is “probably easier to use than Bitcoin in most places,” questioning the value built by stablecoins and the broader crypto ecosystem [1]. He framed the critique as a genuine inquiry, noting he has not sold any Bitcoin himself while taking a jab at Michael Saylor’s Strategy Inc. [1]. Fellow crypto commentator Scott Melker countered that crypto‑backed Mastercard and Visa cards enable Bitcoin spending “almost everywhere,” but did not dispute Gerber’s broader point [1].

Miner hardware shifting to AI

Gerber also highlighted a trend where large Bitcoin miners are repurposing GPUs for artificial‑intelligence workloads rather than pure‑play mining. CoinShares projects mining revenue to fall from roughly 85% of total miner revenue in early 2025 to under 20% by the end of 2026 for firms securing AI contracts [1]. Analysts estimate about 20% of Bitcoin miner power capacity could be redirected to AI and high‑performance computing by the end of 2027 [1]. Core Scientific’s recent conversion of a 300 MW Texas mining facility into an AI data‑center underscores this shift, though Bitcoin mining remains active [3].

Price context

Bitcoin’s $63,500 level sits just above its recent support zone near $63,000 and well below its all‑time high of $73,200 reached in late 2021. The modest 0.6% rise follows a period of sideways trading after breaching the $60,000 threshold earlier in the month [2]. Volume data was not disclosed in the sources, but on‑chain activity appears stable, with no immediate large‑wallet movements reported.

What to watch

• $64,000 resistance – a break could test the $66,000‑$68,000 range; a failure may pull price back toward $63,000 support.
• Miner AI reallocation reports – quarterly updates from listed miners (e.g., Core Scientific) on AI‑related revenue versus mining revenue.
• Stablecoin regulatory developments – any new guidance on stablecoin usage could affect the utility debate Gerber raised.

Gerber’s comments revive the long‑standing debate over Bitcoin’s role as a payment network versus a store of value, while the ongoing shift of mining capacity toward AI workloads adds a new variable to the asset’s economic outlook. Whether these factors will curb Bitcoin’s price momentum or simply reflect a broader industry evolution remains to be seen.