RATE Group | Bitcoin Price Going to Zero? Debunking Vanguard’s Illogical Arguements
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Bitcoin Price Going to Zero? Debunking Vanguard’s Illogical Arguements

22 May Bitcoin Price Going to Zero? Debunking Vanguard’s Illogical Arguements

Posted at 17:37h in Bitcoin News by

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Following the footsteps of Tim Buckley, the CEO at Vanguard, an investment firm that oversees $5.1 trillion in assets, the company’s chief economist Joe Davis stated that he sees the price of bitcoin dropping to zero in the long-term.

Argument 1: No Viable Use Case

The core argument Davis offered on his ETF.com opinion piece to support his theory that the price of bitcoin drops to zero in the long-term is the lack of a viable use case of bitcoin. Davis resorted to the conventional “blockchain not bitcoin” argument, claiming that the most dominant cryptocurrency has no use case.

“I’m enthusiastic about the blockchain technology that makes bitcoin possible. In fact, Vanguard is using such technology. As for bitcoin the currency? I see a decent probability that its price goes to zero,” said Davis.

Bitcoin has many use cases. Xapo, the Swiss-based cryptocurrency wallet and vault service…

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