Bitcoin Price: Cryptoasset Manager Sees Two Possible Outcomes

Bitcoin’s future price has been the subject of enormous speculation everywhere from cocktail parties to the floor of the New York Stock Exchange. Some mega-bulls, like venture capitalist Tim Draper, predict the value will rocket to $250,000 in as little as four years. Skeptics, like Joe Davis, strategy chief at Vanguard Investments, say there’s a “decent probability” it goes to zero.

Is Bitcoin’s fate really all or nothing—go big or go broke?

Michael Sonnenshein, managing director of Grayscale Investments, one of the world’s biggest cryptocurrency asset managers and a sponsor of eight digital currency trusts for investors, thinks so. Sonnenshein dropped by Fortune’s offices to share his outlook on Balancing The Ledger, a new show about the intersection of technology and finance. His view: There is no middle ground.

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