Bitcoin to Drop Below ₱575,395 ($10,000) by 2050, Says Wikipedia Co-Founder
Wikipedia co-founder Jimmy Wales says Bitcoin will survive indefinitely as hobbyist technology but fail as money, with its price ultimately reflecting utility rather than hype.
Key Takeaway
Wales sees Bitcoin surviving as hobbyist tech but failing as money—price reflects utility, not hype.
Wikipedia co-founder Jimmy Wales predicts Bitcoin will decline to under ₱575,395 ($10,000) by 2050 in today's dollars, possibly much lower.
Wales called Bitcoin a complete failure as both currency and store of value. He dismissed the idea that Bitcoin works as an escape hatch for citizens living under authoritarian regimes, citing its difficulty to use, volatility, and lack of merchant acceptance. He said gold, silver, jewelry, real estate, and fine art will remain dominant as safe haven stores of value.
Wales doesn't think Bitcoin will disappear entirely, arguing the design is robust enough to exist in perpetuity barring some unforeseen breakdown in cryptography or a 51% attack. But he expects it to decline to a price consistent with hobbyist tinkering.
Wales also dismissed institutional products like ETFs and futures as long-term price support. He characterized traditional finance intermediaries as famously ruthless and not ideological, suggesting they won't prop up Bitcoin's value simply because they've launched products around it. His 2050 forecast targets Bitcoin trading under ₱575,395 ($10,000) in inflation-adjusted terms.
This article was written based on reporting from U.Today.
