The mainstream media has been flooded with various theories regarding Bitcoin’s zero value. Steve Keen, an economist who predicted the 2008 financial crisis is at the heart of this theory. Keen is known for his 2008 financial crash prediction. He’s back with another bold prediction: a Bitcoin collapse theory that has been doing the rounds online. How does this theory work, and can Bitcoin be destined to suffer such a fate in the future? Explore the possibilities.
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Economists Predict Bitcoin Collapse
Steve Keen is a famous economist who predicted the 2008 financial crash. He has now gained attention for his predictions. Keen predicted Bitcoin’s collapse in a bold way, saying that BTC will hit zero very soon. Keen also shared that Bitcoin’s high energy needs may bring it to its demise in the future. Bitcoin’s heavy energy consumption, coupled with the rising geopolitical conflicts that are affecting the energy sector in recent months, may be preventing it from thriving and forcing the asset to fall to zero.
“… When they told me about Bitcoin, I could have bought it for a pound of Bitcoin, which would have been—I would have been a bloody, maybe wealthier than you if I’d done that. The reason I didn’t was that they explained that the way that the public ledger is kept safe is that it takes too much energy to break it. So each transaction requires 10 minutes of computer processing time globally, by the looks of it, to actually create an extra Bitcoin. And that means it’s too expensive for somebody to try to break the ledger.
That means it’s got a huge requirement for energy use. And I believe, knowing what I know from climate scientists, that at some point we’re going to realize we’re using far too much energy on the planet. We’ve got to cut the energy consumption.”
Keen is wrong about his prediction, says analyst
Crypto Patel has come out to refute Keen’s theory of the imminent Bitcoin crash. Patel revealed in his most recent tweet about X that Keen had predicted Bitcoin’s demise, even when BTC reached $4000. Patel shared later that BTC has adopted energy efficient standards to counter Keen’s assertion about BTC.
“Keen has been calling zero since 2018, when $BTC was $4,000. Today it is $68,000+. Every “Zero Bitcoin” call from Roubini, Krugman, and Schiff has been wrong for over a decade. The energy FUD ignores one fact. Bitcoin’s energy is its security budget, and 55%+ of mining now runs on sustainable power.”
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Source: watcher.guru
