Jimmy Wales, one of the founders of Wikipedia, attacked the $BTC again this Wednesday (25). According to the businessman, cryptocurrency is a complete failure both as money and as a store of value:
"People who think that #Bitcoin will go to zero are probably mistaken. The design is robust enough for it to continue existing indefinitely, unless some currently unforeseeable failure in the cryptography occurs or a surprise 51% attack happens (even then, I imagine a fork would continue).
What can happen, however, is that the price falls to a level compatible with experimentation by enthusiasts. As it is a complete failure as money, as a store of value etc., it will not become the dominant money of the future. So I would suggest a price target for 2050 below $10,000 in today's values. Possibly much less.
Gold has other uses that are not monetary. Gold will continue to exist at zero cost because it is an inert physical thing, while the current ongoing cost to keep BTC functioning is still quite high.
Bitcoin is not a successful currency by any means. At best, it is a speculative asset.
It is difficult to use, volatile, not accepted as money anywhere. It’s fine for hobbyists and enthusiasts, but I think gold, silver, jewelry, real estate, high-end art etc. will continue to dominate as a store of value in times of uncertainty."
"People who think that #Bitcoin will go to zero are probably mistaken. The design is robust enough for it to continue existing indefinitely, unless some currently unforeseeable failure in the cryptography occurs or a surprise 51% attack happens (even then, I imagine a fork would continue).
What can happen, however, is that the price falls to a level compatible with experimentation by enthusiasts. As it is a complete failure as money, as a store of value etc., it will not become the dominant money of the future. So I would suggest a price target for 2050 below $10,000 in today's values. Possibly much less.
Gold has other uses that are not monetary. Gold will continue to exist at zero cost because it is an inert physical thing, while the current ongoing cost to keep BTC functioning is still quite high.
Bitcoin is not a successful currency by any means. At best, it is a speculative asset.
It is difficult to use, volatile, not accepted as money anywhere. It’s fine for hobbyists and enthusiasts, but I think gold, silver, jewelry, real estate, high-end art etc. will continue to dominate as a store of value in times of uncertainty."
