Bitcoin Foundation chairman and billionaire investor Brock Pierce says that the price of Bitcoin will either go to $1 million or fall to zero.
During a recent interview with Fox Business on May 6, at a time when Bitcoin was trading around $36,157, Pierce predicted that Bitcoin will either succeed and rise to an astronomical price or fail spectacularly. Pierce warned that investors should take note of the risks of investing in crypto and avoid going all in on BTC.
As reported by The Daily Hodl, Pierce said,
[Bitcoin] could go to zero. It’s a binary outcome. It’s either going to go to $1 million a Bitcoin or zero. It’s going to be one or the other, which is why you shouldn’t put everything there.
Pierce compared the current landscape of crypto to the dot-com and tech bubble of the late 1990’s. He argued that although the tech bubble two decades ago produced industry titans such as eBay and Amazon, a “bunch” of other companies went to zero. He said a similar fate could occur to crypto, with a few top projects emerging from the ruins while the rest fail spectacularly.
Despite predicting a potential market crash, Pierce called the innovation of crypto and blockchain “real” and said that it would play an important role in the collective future.
Pierce also revealed to Fox that he is “very interested” in what’s happening in the non-fungible token marketplace, including being one of the purchasers of NFT.com, a community-driven marketplace for digital assets.
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.