Key Highlights
- Wikipedia co-founder said Bitcoin could possibly fall below $10,000 in the coming decade.
- Wales said Bitcoin’s resilience as a network should not be confused with economic success.
Jimmy Wales, co-founder of Wikipedia, has questioned Bitcoin’s long-term prospects as a store of value. He argued that while the network may endure, its role as a major financial asset is far from certain.
In an X post on Wednesday, Wales said Bitcoin’s technical design is strong enough to ensure its survival, but he doubts it will succeed as widely used money or as a reliable long-term store of wealth.
He stated that Bitcoin could eventually decline to what he described as “hobbyist levels,” possibly falling below $10,000 in today’s dollars in the coming decades.
Survival does not mean success
According to Wales, Bitcoin’s resilience as a network should not be confused with economic success. He argued that even in scenarios involving technical failures, such as cryptographic weaknesses or majority attacks, the system could continue through forks or upgrades.
However, he said this durability does not guarantee adoption or sustained value. Wales described Bitcoin as “speculative at best,” highlighting that survival alone would not make it dominant as a global monetary system.
Questioning Bitcoin functions
Wales also challenged the idea that Bitcoin functions as a reliable hedge against inflation or currency debasement. He argued that volatility and limited use in everyday transactions undermine claims that the asset can serve as a dependable store of value.
In his view, traditional assets such as precious metals, real estate, and collectibles are likely to remain more widely accepted safe-haven investments.
Institutional adoption not a guarantee
Wales pushed back on arguments that institutional accumulation or exchange-traded funds would ensure long-term price stability. He said there is little evidence that continued accumulation is inevitable, cautioning that investors should be prepared for the possibility of declining prices.
His position falls between these views: he considers Bitcoin technically durable but questions whether it can achieve lasting relevance as a store of value.
Also Read: Tether Freezes $4.2B in USDT Tied to Illicit Activity Since 2023
