Popular hedge fund manager predicts Bitcoin will crash to zero

Core Viewpoint - A prominent Bitcoin critic, Peter Schiff, predicts that Bitcoin's long-term value will ultimately fall to zero, despite its current global adoption and trading activity [1][3]. Group 1: Bitcoin's Current Situation - Bitcoin recently experienced a significant decline, dropping below $63,000, which is nearly a 50% decrease from its peak of $124,000 in October of the previous year [2]. - As of the latest update, Bitcoin has shown signs of recovery, trading 4.4% higher at $70,915.99 [8]. Group 2: Schiff's Predictions and Analysis - Schiff believes that while Bitcoin may not disappear from trading screens in the near term, its price could decline to a point where the difference between "near-zero" and zero becomes irrelevant for most investors [4][6]. - He argues that even if Bitcoin trades at low levels like $100 or $1,000, it would still represent "a lot of value for basically nothing," as he views the asset as having no intrinsic worth [5]. - Schiff emphasizes that the critical issue for investors is not whether Bitcoin technically reaches zero, but whether it collapses enough to significantly wipe out invested capital [6]. - He suggests that if an investment of one million dollars in Bitcoin were to drop to a mere hundred dollars, the difference to zero would be negligible, indicating a substantial risk of decline [7]. - Over a long-term horizon, Schiff predicts that Bitcoin will be forgotten and will have no meaningful demand remaining [8].