Bitcoin Forecast Sees Cryptocurrency Price Decline by 2050

Jimmy Wales, co-founder of Wikipedia, has shared his long-term outlook for the cryptocurrency market, specifically targeting Bitcoin.

According to Wales, while Bitcoin's price will not 'go to zero,' it is destined to fade into obscurity with a value below $10,000 by 2050.

This prediction is based on the fact that Bitcoin lacks utility and is unlikely to become a dominant form of currency in the future. In contrast to this forecast, some believe that Bitcoin's robust design will ensure its survival despite challenges from other cryptocurrencies or unforeseen technical issues.

Wales also addressed the idea that Bitcoin could serve as an 'escape hatch' for citizens living under authoritarian regimes, stating that it is difficult to use and lacks widespread acceptance as a currency. Instead, he suggests that traditional assets such as gold, silver, jewelry, real estate, or fine art will remain more attractive as safe-haven stores of value.