Wikipedia Co-Founder Jimmy Wales Calls Bitcoin a Failure, Predicts Drop to $10,000

Wikipedia co-founder Jimmy Wales has delivered a scathing assessment of Bitcoin, declaring the original cryptocurrency a complete failure as both a payment method and a store of value. Yet, the entrepreneur acknowledges the network's technical resilience and expects it to persist indefinitely.

Wales' Take on Bitcoin's Future

In a social media post, Wales argued that those expecting Bitcoin to reach zero are likely wrong. He described the network's architecture as robust enough to operate in perpetuity — even a 51% attack or an unforeseen cryptographic breakdown would likely be survived through a hard fork.

"People who think that Bitcoin is going to zero are likely mistaken. 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 on I would imagine).…" — Jimmy Wales (@jimmy_wales), original post

Despite acknowledging Bitcoin's technical durability, Wales is convinced the asset will never become the world's dominant currency. His forecast: by 2050, the coin's price will fall below $10,000 in current dollar terms, relegating it to little more than a platform for technical experimentation. In his view, Bitcoin remains a purely speculative instrument destined to become a niche network for enthusiasts.

Why This Matters

Wales' remarks are notable given the sharply contrasting trajectory of major financial institutions. While one of the internet's most prominent entrepreneurs writes off Bitcoin as a payment tool, Wall Street banks are actively building infrastructure around the digital asset. This divergence highlights the persistent divide between parts of the tech community and traditional finance over BTC's long-term role.

Wall Street Moves in the Opposite Direction

Wales' skepticism stands in stark contrast to the actions of major banks deepening their crypto exposure. Speaking at the Bitcoin for Corporations conference in Las Vegas, Morgan Stanley's Head of Digital Asset Strategy Amy Oldenburg outlined the firm's plans to develop proprietary Bitcoin custody and trading services. The bank is also exploring cryptocurrency lending and yield-generation opportunities.

Citi has announced similarly ambitious initiatives. The financial corporation intends to make Bitcoin a fully "bankable" asset by launching infrastructure later this year to integrate the cryptocurrency into the traditional financial system.

"🚨CITI BANK TO MAKE BITCOIN 'BANKABLE' — Citi Bank plans to launch infrastructure later this year to integrate Bitcoin into traditional finance, aiming to make BTC 'bankable.' This was stated by Citi's digital asset custody head at the Strategy World event." — Coin Bureau (@coinbureau), original post

Earlier in February, analysts at River noted record adoption rates for Bitcoin, further underscoring growing institutional interest in the leading cryptocurrency — defying bearish predictions like those of Wales.