Jimmy Wales, Wikipedia Co-Founder, Sees a Gloomy Future for Bitcoin

Jimmy Wales, co-founder of Wikipedia, has made a rather blunt prediction about Bitcoin, suggesting that this pioneering cryptocurrency may exist as a network but is far from succeeding as money or a store of value.
This view aligns with many analysts who emphasize Bitcoin’s failure to serve as a risk hedge against currency devaluation.
Co-Founder of Wikipedia Confident in Bitcoin — But His 2050 Price Prediction Will Surprise You.
Wales warns that Bitcoin could drop to “amateur level,” potentially falling below $10,000 in current value by 2050.
“Those who think Bitcoin will go to zero are probably mistaken,” Wales said. “Its design is strong enough to survive forever, unless there’s an unexpected breakthrough in cryptography or a sudden 51% attack. Even then, a fork could help it continue. However, what it can do is reduce its price to match the trading activity of enthusiasts. Because it’s a complete failure as a currency, a store of value, etc., it will not become the dominant currency in the future.”
As of this writing, Bitcoin is trading at $67,736. If Wales’s price prediction is correct, this pioneering cryptocurrency could decline by over 80% in the next 24 years.

The Wikipedia leader describes Bitcoin as “a good speculative asset,” noting that the impact of artificial intelligence (AI) systems adopting it is negligible.
He also counters arguments that institutional or ETF capital accumulation guarantees price stability.
“There’s little reason to believe that more accumulation will happen… true enthusiasts should prepare for the price to drop to amateur levels,” he wrote.

Even in cases where authoritarian governments promote alternative solutions to escape reality through digital technology, Wales remains skeptical.
“It’s hard to use, highly volatile, and not accepted as currency anywhere. It’s suitable for enthusiasts/hobbyists, but I think gold, silver, jewelry, real estate, and art will remain the safe-haven assets,” he added.
Analysts highlight the challenges Bitcoin is facing.
Jimmy Wales’s criticism reflects broader skepticism amid Bitcoin’s recent price declines. Some users argue that the “king” of cryptocurrencies has repeatedly failed to deliver on its initial promises.
“Bitcoin was originally created as a peer-to-peer (P2P) cryptocurrency. When BTC failed at that, they pushed Lightning; when Lightning also failed, they shifted to a store of value model. Now that model is also failing, and BTC is stuck in limbo,” one user commented.
Others see Bitcoin as a speculative tool for gamblers rather than a store of value. Meanwhile, Jacob Kinge of SwanDesk warns that the Bitcoin bubble has burst.

Even viral posts online hinting at Bitcoin’s “imminent demise” attract significant engagement, showing the persistence of negative narratives.
Elsewhere, technical analysts also express similar caution, though their price targets are not as extreme as Wikipedia’s $10,000 goal.

However, not all opinions are pessimistic. Some warn against overreacting to temporary dips.
“They see volatility and immediately think Bitcoin has failed… these people are just tourists,” said financial analyst Rajat Soni.
Wales’s long-term view sits between these extremes. He believes Bitcoin is technically very resilient but fundamentally limited in its application, usefulness, and role as a store of value.
In summary, while Bitcoin may survive as a network for decades, its role as money, a safe haven, or a mainstream asset remains highly uncertain.
Do you think investors and enthusiasts should prepare for a scenario where the world’s first cryptocurrency is mainly just a form of entertainment rather than the foundation of the global financial system?