Wikipedia founder predicts: Bitcoin will struggle to become currency, and by 2050 it may fall below $10,000!

Jimmy Wales suggests that Bitcoin is unlikely to become a currency or a store of value, predicting it may fall below $10,000 by 2050, sparking controversy over market narratives.

As the market searches for the next long-term story for Bitcoin, Wikipedia co-founder Jimmy Wales states that Bitcoin may never go to zero, but if judged by the standards of “currency” or “store of value,” it has already been completely disqualified. He predicts that Bitcoin will drop below $10,000 in 2050.

Image source: X/@jimmy_wales

Jimmy Wales says that the view that “Bitcoin will go to zero” may not be correct. He explains:

Bitcoin’s technical architecture is very resilient. Unless a major cryptographic failure occurs that is currently unforeseeable, or it suffers a 51% attack, it will continue to exist. Even in extreme scenarios, it can be sustained through “forks.”

However, he quickly adds:

Bitcoin could very well fall to a price level where only hobbyists are researching and testing it. As a currency or a store of value, it has failed completely. Therefore, it will not become a dominant currency in the future.

Jimmy Wales further predicts that by 2050, Bitcoin’s price could fall below $10,000 (adjusted for today’s purchasing power). Based on the current trading price of approximately $67,736, this implies a potential decline of over 80% within the next 24 years.

In Wales’s view, Bitcoin remains a “highly speculative asset,” with its adoption in AI systems almost negligible. He also questions the argument that “institutional money” or “Bitcoin ETFs” will bring long-term stable demand. He further states:

There is currently no sufficient reason to believe that large-scale, sustained buying will occur in the future. Supporters should be prepared for Bitcoin to fall back to levels only accessible to a niche group of participants.

Even in extreme circumstances, such as authoritarian governments restricting capital flows, and people seeking cryptocurrencies as an “escape route,” Wales remains skeptical. He believes that Bitcoin’s high entry barrier, volatile prices, and lack of widespread acceptance as legal tender in mainstream economies make it less suitable. He favors gold, silver, jewelry, real estate, and art as long-term safe-haven assets.

In fact, Wales has not been the first to question cryptocurrencies. As early as 2020, he stated that he does not oppose Bitcoin on ideological grounds but has yet to find any compelling reason to “absolutely need to use it.”

Wales’s criticism comes as Bitcoin has recently retreated from its highs, reigniting market doubts. Some community users believe that the “king of cryptocurrencies” has failed to deliver on its original promises over the years. A comment from a netizen reads:

Bitcoin initially claimed to be “P2P cash.” When that path proved unfeasible, the community shifted focus to the Lightning Network; after the Lightning Network failed to scale widely, the narrative shifted again to “store of value.” Now, this explanation also no longer holds, and Bitcoin seems stuck in a narrative vacuum.

• This article is reprinted with permission from: 《Block Beast》
• Original title: 《Wikipedia Founder Jimmy Wales: Bitcoin Struggles to Become Money, May Fall Below “This Price” by 2050》
• Original author: Block Girl MEL