Wikipedia Co-Founder: No One Is Using Bitcoin as Money
Analysis
Price Impact
MedJimmy wales is a prominent figure and his strong negative opinion on bitcoin's utility could sway some retail investors or contribute to fud (fear, uncertainty, doubt). however, the crypto market often disregards criticism from outside the ecosystem, especially from individuals not directly involved in the crypto space.
Trustworthiness
MedJimmy wales is the co-founder of wikipedia, a highly respected and credible source of information. his arguments are logical and address common pro-crypto narratives. however, his expertise is not in finance or cryptocurrency specifically, which might limit the direct impact of his price predictions.
Price Direction
BearishWales's repeated criticism and prediction of a significant price decline for bitcoin suggest a bearish outlook. his reasoning focuses on a lack of real-world utility as money and a store of value, which, if adopted by enough market participants, could lead to downward pressure on price.
Time Effect
LongWales's price target of under $10,000 by 2050 indicates a long-term bearish view. this suggests that the impact, if any, would be felt over an extended period rather than a short-term price movement.
Original Article:
Article Content:
Cover image via U.Today Dismantling pro-crypto arguments Hobbyist tinkering Advertisement Wikipedia co-founder Jimmy Wales has once again taken aim at Bitcoin. In a recent tweet, he stated that the world’s largest cryptocurrency is a “complete failure” as both a currency and a store of value. As reported by U.Today, he previously predicted that it would eventually fade into a niche collectible priced under $10,000 by 2050. HOT Stories Wikipedia Co-Founder: No One Is Using Bitcoin as Money XRP-Friendly SBI to Launch Japan Stablecoin in Q2, Ethereum May 'Flip' Bitcoin in Five Years Amid Quantum Threat, Cardano's USDC Eyes Two-Day Deadline: Morning Crypto Report Dismantling pro-crypto arguments Pushing back against the narrative that Bitcoin is on its way to becoming a global standard, Wales was blunt in his assessment of its current real-world utility. Advertisement "Bitcoin can't possibly lose 'global monetary consensus'—it doesn't have anything resembling global monetary consensus to lose," Wales stated. "Virtually no one is using it as money." To underscore his point, Wales pointed to El Salvador, the first country to formally adopt Bitcoin as legal tender, asserting that the nation has effectively "abandoned the concept as a failure." Wales also dismantled the popular crypto argument that a "hard cap" (a fixed maximum supply) inherently guarantees price appreciation. He compared Bitcoin to its hard-capped offshoots, Bitcoin Cash (BCH) and Bitcoin Satoshi Vision (BSV), pointing out their current low valuations of around $485 and $16, respectively. Advertisement "Having a hard cap does not imply a growth in price for a fundamentally valueless asset," he explained. Wales noted that he expects these alternative coins to simply fluctuate at what he calls a "hobbyist level," rather than accumulating vast wealth over the next few decades. Hobbyist tinkering Despite his harsh criticism, Wales made it clear that he does not believe Bitcoin is destined to collapse completely. "People who think that Bitcoin is going to zero are likely mistaken," he wrote. He acknowledged that the network's underlying design is robust enough to exist in perpetuity, barring an unforeseen breakdown in cryptography or a surprise 51% attack. Even in the event of a catastrophic network attack, Wales noted that a fork would likely allow the system to carry on. However, mere survival does not equal success in Wales' eyes. Instead of becoming the dominant money of the future, he expects Bitcoin's valuation to eventually drop to reflect its lack of practical utility. "What it can do, though, is decline to a price consistent with hobbyist tinkering," Wales concluded. "So I'd suggest a 2050 price target of under $10,000 in today's dollars. Possibly much lower.” #Bitcoin Price Prediction