“Accessibility doesn’t make it a better investment.” Branson stressed that even as traditional banks expand crypto offerings, this doesn’t change the fundamentals. Greater access and intrinsic value don’t always go hand in hand. But the same is true for other financial products approved by BaFin. For example, in a study of turbo certificates, the regulator found that between 2019 and 2023, roughly three out of four retail investors lost money, averaging €6,358 each, with total losses exceeding €3.4 billion. Statements like Branson’s create the impression that Bitcoin is judged by a different standard than other products. Yet historically, Bitcoin has outperformed nearly every other asset class. Everyone now understands that downturns happen. But after surviving four drawdowns of over 70% and still reaching new highs, it is clear Bitcoin is not some speculative mirage. The network’s 99% uptime further underlines its resilience.
No cashflows, so no value? Critics argue Bitcoin produces nothing. But this overlooks its long-term role as protection against monetary expansion. Equating it to a casino ignores its proven utility. Memecoins may fit that label, but Bitcoin does not. Skeptics are repeatedly caught off guard when BTC sets new all-time highs and forces its way back into the mainstream. It now enjoys investor trust worth $2.2 trillion. The rationale of critics is that Bitcoin is a non-productive asset, unlike stocks or real estate which generate cashflows. Yet the comparison with gold invalidates the “no inherent value” claim. Industrial use makes up less than a tenth of gold’s market cap; its value lies in its function as a store of wealth. Bitcoin, with its 21 million cap and transparent, rule-based issuance, offers similar — and in many ways superior — qualities. Neutral, bearer-based, divisible, and verifiable. The argument that it has no intrinsic value should be retired — even, or especially, by the head of BaFin.
“Bitcoin, not Crypto.” Despite his skepticism, Branson opposes banning crypto from regulated finance, saying it might teach people it’s “more casino than investment.” Given the 2024 memecoin craze, scams involving celebrities and politicians, and the NFT bubble of 2021, he has a point. But these are not Bitcoin. Bitcoiners have long stressed the distinction — different origin, consensus, decentralization, and resilience. Regulators should recognize this special status.
That doesn’t mean all other crypto is scam. Altcoins are closer to tech start-ups. Platforms like Ethereum and Solana host ecosystems of developers and investors building alternatives to Big Tech dominance. Their tokens power transactions, staking, governance, and DeFi services. Stablecoins now rival traditional rails, and prediction markets like Polymarket are entering mainstream discussion. Exchanges like Hyperliquid are adding stocks, commodities, and FX to their platform, with revenues of over $113 million last month. Most of it goes into token buybacks and burns.
Speculation exists across all assets. Stocks depend on future earnings, real estate on local market demand, and fiat on central banks managing supply. Crypto is no different. The line between innovation and hype in altcoins is blurry, but dismissing the entire sector as gambling is lazy analysis. Bitcoin, above all, has already proven its durability.