Bitcoin is a superior savings tool to cash, says Australian tech CEO

Former Macquarie infrastructure banker Dan Roberts first bought bitcoin in 2013 when the token, then considered a part of fringe internet culture, first raced towards $US1000. 

"It quickly crashed to US$500 and I sold it all," says Roberts. 

However, the brief flirtation set Dan on a journey to co-founding $4 billion Nasdaq-listed bitcoin miner IREN (NASDAQ: IREN) in 2018. 

Now one of Australia's leading bitcoin apostles, Roberts says investors must adapt to the fact that the cryptocurrency is now a proven asset class, after regulators approved bitcoin exchange traded funds (ETFs) in Australia and the US in 2024. 

Moreover, he says bitcoin could be the ultimate hedge for investors looking to protect themselves from fiat's ongoing debasement, as the US government runs wild and ongoing fiscal deficits versus historical norms. 

If you divide gold's total market cap of US$19.3 trillion by the limited supply of 21 million bitcoin, it works out at just more than US$900,000 a coin, according to Roberts. In his view, that US$900,00 price for bitcoin is realistic by 2030, assuming the digital token takes a growing share of investment inflows via ETFs and other mainstream investment vehicles.

For bitcoin curious investors or those already seduced by its story, Roberts says it's best to think of the token as a savings vehicle rather than as an alternative to shares in companies that offer more traditional capital growth. 

"Bitcoin is an asset where you know if you own one bitcoin you own one out of 21 million that will ever exist," he says. "No one can print more and no one can take it away, it's the ultimate savings vehicle."

Bitcoin's critics

Despite its entrance into the mainstream of traditional finance, bitcoin still has critics who argue it has zero tangible value as an asset, given it doesn't produce cashflows and is basically a limited supply of nothing. 

Many of these critics say bitcoin's price appreciation is just a symptom of greater fool theory, where today's buyers rely on the fact they can sell it to a greater fool for a higher price in the future. 

However, Roberts dismisses the critics that label it fool's gold and suggests those sitting on excess cash or fiat money should take a look in the mirror. 

"Since 1971, Australia has 100x more Australian dollars in circulation today
than what it did at that point in time," he says.

"So, personally, I think in terms of a savings vehicle, trusting math, trusting a truly scarce asset as compared to a group of old guys in an office deciding how many more currency units they're going to print over the next 10 years, I feel like [bitcoin's] probably a safer place to put my savings."

Since the interview was recorded on February 19, the bitcoin price has dropped around 8.5% in less than a week, from US$96,500 a coin to US$88,300 a coin, in a move that shows it's volatile, high risk and unsuitable for anyone unwilling to wear significant paper losses over the short or medium term.  

While the cryptocurrency's inventor and online ghost Satoshi Nakamoto actually designed it to work as decentralised money free from the control of central banks or governments, rather than a hedge against money printing. 

Roberts acknowledges the regular and wild price volatility versus fiat means the jury's out on whether bitcoin could ever be broadly adopted as money in the digital future. However, he still prefers it to fiat. 

"Central banks can press print on an unlimited supply of fiat, so [bitcoin as an alternative] sounds like a pretty good money to me," Roberts says.

Love it or hate it, bitcoin has been the best-performing asset class of the last 10 years and its total market value of more than $2.76 trillion is more than the value of all the businesses on the Australian Stock Exchange combined - $1.99 trillion as at January 2025. 

So, if you want to hear more on Dan's plans for his business IREN and why he views bitcoin as a superior savings tool, you can dive into the video here. 

Timecodes

0:00 – Intro and journey into bitcoin
1:31 – Can bitcoin keep climbing?
2:20 – Price forecast out to 2030
3:47 – How investors can access the bitcoin opportunity
4:52 – The role bitcoin can play in investor portfolios
5:49 – Message for the naysayers
7:09 – Big claims require big evidence
9:57 – The future for Iren