MARA CEO says Bitcoin has missed its chance as a payment method
Fred Thiel said stablecoins are now better suited for high-volume transactions, while MARA has sold about 20,000 BTC over the past year as it shifts more capacity toward AI data centers.
MARA CEO Fred Thiel said Bitcoin is no longer likely to establish itself as a widely used payment method, arguing that price volatility makes it ill-suited for businesses handling large volumes of transactions. In an interview with Natalie Brunell, Thiel said stablecoins are now a better fit for everyday payments because transacting parties need a medium of exchange with predictable value, especially when margins are thin and even small price moves can erode profits. He said Bitcoin was originally designed as digital money, but its role has evolved more toward a store of value. Thiel added that MARA is redirecting more power capacity toward AI data centers, which he said generate higher returns than Bitcoin mining, and that the company sold around 20,000 BTC over the past year to reduce nearly $1 billion in convertible debt while still holding 36,303 BTC.
- stablecoins: Digital tokens designed to maintain a steady value, making them more suitable than volatile assets for payments and transfers.
- store of value: An asset held mainly for its ability to preserve worth over time rather than for frequent spending or payments.
- convertible debt: Debt that can be converted into equity under specified terms, often used by companies as a financing tool.