The crypto market lost $13 billion today as investors rotated into US stocks. Bitcoin tested key support while Zcash led altcoin losses amid fading trading volume. | Credit: CCN.com
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Key Takeaways
Jimmy Wales predicts Bitcoin’s price could fall below $10,000 in today’s dollars by 2050.
He called it a complete failure of currency.
The comments come as U.S.-listed Bitcoin ETFs recently logged their strongest inflows in weeks.
Wikipedia co-founder Jimmy Wales said Bitcoin is “a complete failure as a currency” and predicted the world’s largest crypto could fall to under $10,000 in today’s dollars by 2050.
Wales’ claim comes even as institutional inflows into U.S. spot exchange-traded funds (ETFs) show signs of stabilizing.
However, he argued that the currency would plummet dramatically in the coming decades.
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Wales argued that Bitcoin could “decline to a price consistent with hobbyist tinkering.”
“Because it is a complete failure as a currency, as a store of value, etc., it isn’t going to become the dominant money of the future,” he wrote.
The Wikipedia founder, who has been famously skeptical of crypto in the past, suggested a 2050 price target of “under $10,000 in today’s dollars. Possibly much lower.”
In a separate post, Wales said Bitcoin was “not a successful currency at all” and described it as “a speculative asset at best,” adding that “AI bots are not adopting crypto in meaningful numbers.”
The Wikipedia founder is a known skeptic of crypto | Source: X (@Jimmy_Wales)
“If you want to make good decisions in life, be careful about swallowing hype that appeals to you,” he wrote.
“Maybe it would be nice if those were true, but they aren’t.”
The comments from Wales received a wave of pushback on social media, with Bitcoin defenders pointing to growing and continued institutional allocation as proof that prices will rise.
On ETFs, Wales said that while products could continue to exist, they may simply “trade lower and lower” if public interest fades.
His comments come as U.S.-listed Bitcoin ETFs posted net inflows of $297.4 million into BlackRock’s iShares Bitcoin Trust (IBIT) on Feb. 25, helping lift the cryptocurrency back above $68,000 after it dipped below $64,000 earlier in the week.
Market watchers have described the recent flows as “cautious accumulation” rather than outright euphoria.
Rejects ‘Zero-Dollar’ Bitcoin Price Calls
While sharply critical of Bitcoin’s long-term prospects, Wales stopped short of endorsing a growing chorus of analysts predicting the token could collapse entirely.
“People who think that Bitcoin is going to zero are likely mistaken,” he wrote.
The crypto skeptic cited Bitcoin’s robust design and the likelihood that the system would continue operating even after severe disruptions.
Wales’ remarks contrast with a growing number of strategists who have forecast a complete wipeout.
Richard Farr, chief market strategist at Pivotus Partners, said earlier this month that his firm’s Bitcoin target is “$0,” arguing that it has failed as a hedge against the dollar.
“The miners (who are the network) are bleeding cash,” Farr wrote. “We think it’s a zero.”
Growing Bitcoin Price Bears
Other prominent Bitcoin skeptics and analysts have also warned of a drop toward $10,000.
Mike McGlone, senior commodity strategist at Bloomberg Intelligence, reiterated his base case that Bitcoin could revisit $10,000 earlier this month.
He argued that “collapsing Bitcoin/cryptos may guide the next recession.”
Mike McGlone has continued to argue that a dramatic drop in Bitcoin’s price is imminent. | Source: LinkedIn
Writing on LinkedIn, McGlone said the “crypto bubble is imploding” and warned that rising volatility in digital assets could “trickle up to stocks,” noting Bitcoin’s close correlation with U.S. equities.
He argued that a broader stock market downturn could see Bitcoin fall back toward $10,000.
Bitcoin ETFs Hit High
However, despite comments from Wales about faltering institutional backing, U.S. spot Bitcoin exchange-traded funds staged a notable comeback on Feb. 25, logging net inflows of $506.5 million.
The move marked the highest single-day total in three weeks, reversing five consecutive weeks of outflows totaling roughly $3.8 billion.
The Feb. 25 gains followed a $257.7 million inflow on Feb. 24.
At the time of reporting, Bitcoin was trading at around $67,916, according to CoinMarketCap, down 0.94% over the last 24 hours.
Kurt Robson is a London-based reporter at CCN, specialising in the fast-moving worlds of crypto and emerging technology. He began his career covering local news in Cornwall after graduating from Falmouth University with First Class Honours in Journalism. There, he cut his teeth on everything from council meetings to missing swans.
He quickly rose through the ranks to become a frontline journalist at several of the UK’s leading national newspapers. Over the years, he has interviewed musicians and celebrities, reported from courtrooms and crime scenes, and secured multiple front-page exclusives.
Following the upheaval of the COVID-19 pandemic, Kurt shifted his focus to technology journalism—just ahead of the AI boom. With a natural curiosity and a trained eye for emerging trends, he has found a new rhythm in reporting on innovation.
At CCN, Kurt's work focuses on the cutting edge of crypto, blockchain, AI, and the evolving digital world. Drawing on his background in people-first reporting and his deep interest in disruptive tech, Kurt delivers stories that are insightful, entertaining, and human-centric.
