Top Crypto Currency Investor Says Bitcoin Will Drop To Zero

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Cryptocurrencies had a wild year in 2018, with over $480 billion of value wiped off the entire market, according to data from Coinmarketcap. After hitting a record high in 2017, Bitcoin, the world’s largest cryptocurrency by market capitalization, fell dramatically. It was trading at $3,571 at around 11.15 a.m. London time Wednesday.

Some experts believe it could go even lower.

“I do believe it will go to zero. I think it’s a great technology but I don’t believe it’s a currency. It’s not based on anything,” Jeff Schumacher, founder of BCG Digital Ventures, said during a CNBC-hosted panel in Davos, Switzerland.

 

Read more at CNBC.

{Matzav.com}

5 COMMENTS

  1. You mean I can’t walk into a grocery store or shop online and use bitcoins to pay for my purchase?! But the experts were so busy giving the gullible people seminars on the importance of owning Bitcoin. So now you’re saying these experts were misleading the gullible lemechels? How can that be?

  2. When nobody will take it as payment, its value will shrink to nil as an investment too.
    And conversely if the value keeps shrinking, nobody will take it as payment.
    Death spiral of sorts.

  3. Regardless of which direction its value goes in, it scares me as an investment. It is an amorphous entity, backed by no government, and whether or not it actually declines to near-worthlessness it certainly has the potential to do so.

  4. And what are government currencies are backed by, now that we are off precious metals standard for decades? It basically boils down to who is willing to accept it as a payment for goods and services. So, if a time comes and people will loose their trust in US $, it may become worthless too, government issued or not.

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