This publication recently covered a talk at Davos in which Jeff Schumacher claims the Bitcoin price is on the way to zero. In this article, we discuss two simple reasons why this is an impossibility.
Schumacher is a top investor and relative veteran in the space. He told an open-mouthed CNBC panel that he believed bitcoin has no value and that it was useless as a currency. Instead, he’s far more interested in blockchain technology. Schumacher gave an opinion we haven’t heard in a while, the “based on nothing” argument.
I do believe it will go to zero. I think it’s a great technology but I don’t believe it’s a currency. It’s not based on anything.