Wikipedia Co-Founder Jimmy Wales Sees a Dark Future for Bitcoin — How Low Could It Go?

Wikipedia co-founder Jimmy Wales has delivered a stark forecast for Bitcoin, saying the pioneer crypto will likely survive as a network but is far from succeeding as money or a store of value.

The remark aligns with sentiment from multiple analysts, who highlight Bitcoin’s failure to hold as a hedge against currency debasement.

Wikipedia Co-Founder Is Confident About Bitcoin — But His 2050 Price Prediction Will Shock You

Wales warned that Bitcoin could decline to “hobbyist levels,” potentially falling below $10,000 in today’s dollars by 2050.

“People who think that Bitcoin is going to zero are likely mistaken,” Wales said. “The design is robust enough that it will continue to exist in perpetuity, barring some currently unforeseen breakdown in cryptography or a surprise 51% attack. Even then, a fork would carry it on. What it can do, though, is decline to a price consistent with hobbyist tinkering. Because it is a complete failure as a currency, as a store of value, etc., it isn’t going to become the dominant money of the future.”

Bitcoin was trading for $67,736 as of this writing. If Wales’ Bitcoin price prediction is any guide, then the pioneer crypto could fall by over 80% in the next 24 years.

The Wikipedia executive described Bitcoin as “speculative at best,” noting that adoption by AI systems is negligible.

He also pushed back against arguments that institutional accumulation or ETFs guarantee price stability.

“There’s very little reason to think increased accumulation is likely to happen… enthusiasts had best be prepared for the price to decline to hobbyist levels,” he wrote.

Even in scenarios where authoritarian governments push digital escape alternatives, Wales remains skeptical.

“Hard to use, volatile, not accepted as currency anywhere. It’s fine for hobbyists/enthusiasts, but I think gold, silver, jewelry, real estate, and fine art will remain dominant as safe-haven stores of value,” he added.

Analysts Highlight Bitcoin’s Ongoing Struggles

Jimmy Wales’ critique reflects a broader skepticism amid Bitcoin’s recent pullback. Some users argue that the king of crypto has repeatedly failed to fulfill its original promises.

“Bitcoin started as P2P cash. When BTC failed that mission, they pushed Lightning; when that failed, they pushed store of value. Now that’s failed too, and BTC is stuck in limbo,” one user remarked.  

Others see Bitcoin as a means of speculation between gamblers, not a store of value. Meanwhile, SwanDesk’s Jacob Kinge warns that the Bitcoin bubble is over.

Even meme-driven posts alluding to Bitcoin’s imminent “death” have garnered significant engagement, highlighting the persistence of negative narratives.

Elsewhere, technical analysts also echo some of this caution, although estimates are not as extreme as Wikipedia’s $10,000 price target.

Nevertheless, not all voices are bearish. Some caution against overreacting to temporary price dips.

“They see volatility and immediately think Bitcoin has failed… These people are tourists,” commented CFA Rajat Soni.

Wales’ long-term perspective sits between these extremes. He sees Bitcoin as technically resilient but fundamentally limited in adoption, utility, and as a store of value.

The broader takeaway is that while Bitcoin may survive as a network for decades, its role as money, a safe haven, or a mainstream asset remains deeply uncertain.

Do you think investors and enthusiasts should prepare for a scenario in which the world’s first cryptocurrency persists primarily as a hobbyist pursuit rather than a cornerstone of global finance?

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