He predicted 2008 crash — now he says Bitcoin (BTC USD) could collapse to zero. Should crypto investors worry?

Bitcoin price crash prediction to zero: Bitcoin is once again under the spotlight after economist Steve Keen, known for warning ahead of the 2008 financial crisis, said the world’s largest cryptocurrency could ultimately become worthless.

Why Steve Keen Predicts Bitcoin (BTC USD) Could Become Worthless

His warning comes at a time when Bitcoin is trading above $71,000, supported by strong institutional inflows and recent geopolitical developments. But beneath the rally, concerns are building about how sustainable that momentum really is.

Speaking on the Diary of a CEO, Keen pointed to Bitcoin’s core design as a major weakness, as per a report. He argued that its proof-of-work system, used to secure transactions, requires enormous amounts of energy.


He pointed put that, “The reason I didn’t [buy Bitcoin] is they explained that the way that the public ledger is kept safe is that it takes too much energy to break it,” adding, “That means it’s got a huge requirement for energy use,” as quoted by CCN.

Energy Concerns Could Put Crypto at Risk

Keen believes that as global pressure to reduce energy consumption grows, cryptocurrencies could become an easy target for policymakers. In his view, cutting back on high-energy systems like crypto could eventually push Bitcoin toward irrelevance.

According to him, “At some point we’re going to realise we’re using far too much energy… and the two easiest things to cut out… are cryptocurrencies and international travel,” as quoted by CCN.

BTC USD Price Prediction: Analysts Warn Bitcoin Could Drop to $10,000

Keen’s concerns are echoed by several well-known critics. Mike McGlone has suggested Bitcoin could fall as low as $10,000, though he admits it could prove him wrong if it stays above $75,000. He warned that volatility in assets like gold and oil could spill into crypto markets.

Critics Question Bitcoin’s Long-Term Value

Longtime Bitcoin critic Peter Schiff has also flagged “significant” downside risk, saying a drop to $10,000 by 2026 would mark a 92% decline for many investors.

Meanwhile, Steve Hanke has maintained that Bitcoin has “zero fundamental value,” and investor Michael Burry described the idea of Bitcoin reaching $100,000 as “ridiculous,” calling the surge a speculative mania.

Bitcoin Continues to Defy Negative Predictions

Despite years of negative predictions, Bitcoin has continued to rise. Critics like Schiff have declared it “dead” multiple times since 2011, yet the asset has surged more than 4,000-fold since those early warnings.

BTC USD Price Today: Bitcoin Price Surges Above $71,000

Most recently, Bitcoin climbed above $70,000, hitting an intraday high of $72,738 before settling near $71,900. The rally was supported by $471 million in net inflows into US spot Bitcoin ETFs, the strongest in six weeks, as well as a wave of short liquidations.

FAQs

Why is Steve Keen warning about Bitcoin now?
He believes its energy-heavy system could make it unsustainable in the long run.

What is Bitcoin’s current price range?
It’s trading above $71,000, recently touching around $72,700.