Cryptocurrency Bitcoin records surge of more than 580% in value, contradicting guest's assertion made on Joe Rogan's show about its lack of inherent worth.
Analyst Peter Zeihan, in a 2023 appearance on the Joe Rogan Experience, had made headlines by dismissing Bitcoin as fundamentally worthless, stating it had "no intrinsic value" and was "actually worth negative $1,000." At that time, Bitcoin was trading around $16,000 on January 7, 2023. Zeihan forecasted a further $17,000 decline for the cryptocurrency.
The analyst argued that the rise of crypto was rooted more in ideological beliefs than financial soundness. He suggested that investing based on ideology could lead to decisions contrary to mathematical reasoning. Zeihan viewed the crypto movement as a belief system founded on decentralization.
However, by May 2025, Bitcoin had defied Zeihan's forecast. The cryptocurrency was now trading at an all-time high of $109,449, a surge of more than 580% since his comments. The shift in Bitcoin's narrative saw institutional adoption driving a new wave of momentum, and the asset was no longer seen as just a speculative investment but as a critical layer of financial resilience in a world grappling with currency debasement, inflation, and geopolitical fragmentation.
The Bitcoin rise coincided with several landmark events. In early 2025, the successful debut of spot Bitcoin ETFs marked the most successful ETF launch in U.S. history, attracting billions from both retail and institutional investors. Sovereign wealth funds, initially cautious about digital assets, have started entering the market, treating Bitcoin as a macro hedge alongside traditional reserve assets.
The idea of Strategic Bitcoin Reserves has gained traction, with corporations and even some governments viewing Bitcoin as a crucial aspect of financial resilience. The cryptocurrency's current performance and the rising institutional confidence indicate it has progressed significantly beyond its ideological roots.
Despite Zeihan's critique in 2023, the fundamental value of Bitcoin remains a subject of debate. Bitcoin's price increase by 2025 is primarily attributed to external factors such as adoption, geopolitical tensions, technological advancements, market sentiment, and regulatory developments. These factors have contributed to Bitcoin's rise in value despite ongoing debates about its intrinsic worth.
Although analyst Peter Zeihan had dismissed Bitcoin as fundamentally worthless in 2023, citing lack of intrinsic value and negative valuation, the cryptocurrency's significant rise by 2025 contradicted his forecast. With Bitcoin trading at an all-time high of $109,449 in May 2025, it became clear that investing in cryptocurrencies, such as Bitcoin, was not solely based on ideology but also on financial soundness and external factors like adoption, geopolitical tensions, and technological advancements.
