Key Takeaways
- Wikipedia co-creator Jimmy Wales has declared Bitcoin a “complete failure” as both a currency and value storage mechanism
- Wales predicts Bitcoin will be valued under $10,000 in today’s dollar equivalent by 2050
- The tech entrepreneur stops short of predicting Bitcoin’s total collapse, citing its strong technical infrastructure
- Wales dismisses arguments linking AI advancement to cryptocurrency adoption and views institutional involvement as purely profit-seeking
- Practical barriers like high transaction fees, volatility, and limited merchant support prevent Bitcoin from achieving mainstream utility, according to Wales
Jimmy Wales, the co-creator of Wikipedia, ignited debate across social media this week through a series of posts on X where he condemned Bitcoin as a “complete failure” in serving as functional currency.
Wales’ skepticism toward Bitcoin isn’t new. Back in 2020, he publicly stated he hadn’t encountered any compelling reason to use the cryptocurrency, while clarifying he wasn’t inherently opposed to it.
His latest commentary emerged during exchanges with X users who argued that Bitcoin’s capped supply makes it superior to gold, and that expanding digital economies would inevitably drive wider cryptocurrency acceptance.
Wales directly contested these arguments. He labeled Bitcoin inadequate as currency and called it “a speculative asset at best.”
He further rejected claims connecting artificial intelligence growth to increased crypto adoption. “AI bots are not adopting crypto in meaningful numbers,” he declared.
Despite his criticism, Wales stopped short of predicting Bitcoin’s complete failure. He suggested those expecting it to crash to zero are “likely mistaken,” pointing to the cryptocurrency’s solid technical foundation.
He even acknowledged that should the network experience a major attack, the ecosystem would likely survive through a software fork.
This places Wales in a nuanced position — sharply critical of Bitcoin’s utility, while not forecasting its absolute demise.
Nevertheless, his long-term price prediction remains strongly bearish. “I’d suggest a 2050 price target of under $10,000 in today’s dollars. Possibly much lower,” he declared.
Why Wales Believes Bitcoin Fails as Everyday Money
Wales offered a practical argument against Bitcoin by describing a real-world scenario. As a UK resident, he explained he can instantly send £10 to another person through his bank at zero cost.
Performing the identical transaction with Bitcoin, he pointed out, would necessitate buying the cryptocurrency, paying spread fees, covering network transaction costs, and converting back to pounds — incurring additional spread charges.
He also addressed comparisons some users drew between contemporary Bitcoin critics and early internet doubters. Wales said he finds that comparison flawed.
How Wales Differentiates Gold from Bitcoin
In Wales’ view, gold differs fundamentally from Bitcoin because it has practical applications beyond speculation and doesn’t depend on ongoing network maintenance for its existence.
Bitcoin, conversely, requires miners and supporting infrastructure to function, which he sees as an inherent weakness.
He did acknowledge one valid use case for cryptocurrency — helping people in oppressive regimes move assets outside government reach.
But he maintained this specific application is too narrow to justify widespread currency adoption for crypto.
Bitcoin was trading at $68,716 at the time of the original report’s publication, marking a 7% increase from the prior day. The asset has since pulled back and is currently valued below $70,000.
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