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Popular hedge fund manager predicts Bitcoin will crash to zero
A long-time Bitcoin (BTC) critic is once again predicting that the world’s largest cryptocurrency will ultimately fall to zero.
In a recent conversation with Sujal Jethwani, popular hedge fund manager and outspoken skeptic of digital assets, Peter Schiff argued that Bitcoin’s long-term value proposition is fundamentally flawed, despite its global adoption and persistent trading activity.
Schiff's comments appear at a time when Bitcoin is recovering from one of its worst wipeouts in years. Last week, King Crypto fell below $63,000, almost a 50% drop from its peak of $124,000 last year October.
Related: James Heckman tells Peter Schiff he is the 'greatest voice for Bitcoin'
Schiff doubles down on Bitcoin going to zero
Schiff said he does believe Bitcoin will eventually be worth nothing, even if it does not happen in the immediate future.
He added that while Bitcoin may never fully disappear from trading screens in the near term, its price could fall so dramatically that the distinction between “near-zero” and zero becomes meaningless for most investors.
According to Schiff, even if Bitcoin were to trade at levels such as $100 or $1,000, it would still represent “a lot of value for basically nothing,” given his view that the asset has no intrinsic worth.
Near-zero prices could feel like zero for investors
Schiff emphasized that the real issue for investors is not whether Bitcoin technically reaches zero, but whether it collapses enough to wipe out the vast majority of invested capital.
While he conceded that Bitcoin is unlikely to hit zero within the next five to 10 years, Schiff maintained that its long-term trajectory remains bleak.
Over a century-long horizon, Peter suggested that "no one will even remember" Bitcoin and it will have no meaningful demand remaining.
At press time, Bitcoin was climbing back up, trading 4.4% higher in the past 24 hours at $70,915.99.
Related: Gold bull Peter Schiff asks for Bitcoin on his 62nd birthday
This article has been published in thestreet.com via Yahoo News.
Popular hedge fund manager predicts Bitcoin will crash to zero
A long-time Bitcoin (BTC) critic is once again predicting that the world’s largest cryptocurrency will ultimately fall to zero. In a recent conversation with Sujal Jethwani, popular hedge fund manager and outspoken skeptic of digital assets, Peter Schiff argued that Bitcoin’s long-term ...
finance.yahoo.com
