Wikipedia co-founder Jimmy Wales has expressed a bearish outlook on Bitcoin's long-term potential as a dominant currency, while maintaining that the cryptocurrency's underlying design is robust. In a recent tweet, Wales stated that Bitcoin is unlikely to become worthless due to its secure cryptographic architecture, which he believes would require an unforeseeable collapse in cryptography or a successful 51% attack to compromise. He also noted that even in such scenarios, the network could potentially be revived through a fork.

However, Wales was critical of Bitcoin's effectiveness in fulfilling its intended functions as a currency or a store of value. He asserted that Bitcoin has "completely failed" in these capacities and will not become the leading currency of the future. He predicts that by 2050, Bitcoin's price will be below $10,000 (adjusted for present value), potentially significantly lower, positioning it as a niche asset primarily for enthusiasts. Wales characterized Bitcoin as a speculative asset rather than a successful currency, noting the lack of widespread adoption by AI or other emerging technologies.

#crypto #blockchain #news #BTC #Bitcoin