Wikipedia founder: "Bitcoin (BTC) seen falling below $10,000 by 2050…reduced to a hobbyist collectible"
Summary
- Jimmy Wales said Bitcoin (BTC) could fall below $10,000 by 2050.
- He noted that while the Bitcoin network is structurally robust and could persist over the long term, it could end up as a niche-market hobbyist collectible if it lacks practical usability and utility.
- Wales described Bitcoin as "a complete failure" as both a currency and a store of value, saying the remarks are reigniting debate over Bitcoin’s long-term value.
Wikipedia co-founder Jimmy Wales said he expects the price of Bitcoin (BTC) could fall below $10,000 by 2050.
According to crypto-focused outlet U.Today on the 25th (local time), Wales said that while "Bitcoin’s value won’t go to zero," "absent catastrophic events such as an unexpected cryptographic flaw or a 51% attack, the network is structurally quite robust and could endure over the long term."
He added, however, that "even if Bitcoin’s structural stability ensures its survival, if it lacks real-world usability and utility, it is highly likely to end up as a niche-market hobbyist collectible." He went on to call Bitcoin "a complete failure" both as a currency and as a store of value.
The remarks come as institutional inflows have been expanding and companies continue to build strategic Bitcoin holdings, reigniting debate over Bitcoin’s long-term value.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
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