Wikipedia co-founder Jimmy Wales has stunned the financial world by predicting Bitcoin will collapse below $10,000, branding the world’s largest cryptocurrency a ‘complete failure’.
In a scathing assessment posted to X on 25 February 2026, the British-American entrepreneur claimed the asset has failed both as a functional currency and a reliable store of value. Wales warned that by 2050, the digital coin’s price could plummet to four figures in today’s inflation-adjusted dollars.
The intervention from the open-knowledge pioneer comes despite Bitcoin trading at approximately $68,716 (£54,120) this week. While investors have enjoyed a sevenfold increase since 2020, Wales remains a staunch sceptic of the ‘meteoric’ rise.
Bitcoin’s Journey So Far
People who think that Bitcoin is going to zero are likely mistaken. The design is robust enough that it will continue to exist in perpetuity, barring some currently unforeseen breakdown in cryptography or a surprise 51% attack (even then, a fork would carry on I would imagine)….
— Jimmy Wales (@jimmy_wales) February 25, 2026
Bitcoin has experienced a remarkable rise over the past six years. In 2020, the cryptocurrency was trading below $10,000, and by 25 February 2026, its price had surged to approximately $68,716, representing nearly a sevenfold increase. Despite this meteoric climb, Wales remains unconvinced of Bitcoin’s long-term viability. He argues that while the system’s technical design is robust enough to continue existing, it will likely fail to function as a mainstream currency or a stable store of value. This perspective challenges the optimism of many investors who view Bitcoin as a safe hedge against inflation or a long-term digital asset.
Wales’ Perspective: A Sceptic in Crypto
Wales has consistently expressed scepticism toward Bitcoin. In 2020, he clarified that he is not ideologically opposed to cryptocurrencies, but he sees no compelling practical reason to use them. He highlighted a key risk in a December 2023 X post, noting that losing access to a crypto wallet could permanently erase a user’s assets—something that would never happen with traditional banking systems, where lost passwords can be reset.
He has repeatedly described Bitcoin as ‘fine for hobbyists or enthusiasts’ but unsuitable for everyday use or mainstream financial activity. Furthermore, Wales criticised the institutional backing of Bitcoin, calling it a form of ‘ruthless investment’, driven by profit motives rather than faith in its long-term utility. According to him, this speculative enthusiasm cannot substitute for practical adoption in daily commerce.
Why Bitcoin Might Fail As Money
According to Wales, Bitcoin faces several fundamental limitations. It is unstable, difficult to use, and not widely accepted for day-to-day transactions, making it ill-suited to replace traditional currency. He warns that while Bitcoin may persist as a digital asset, it could eventually lose relevance as a reliable medium of exchange or store of value, effectively relegating it to a niche collectible market.
Wales draws parallels between Bitcoin and rare items like vintage stamps, rare coins, or fine art: valuable to enthusiasts but unlikely to gain mass financial adoption. Even in countries with restrictive financial systems, he argues, Bitcoin’s limited usability prevents it from serving as a practical alternative to cash or banking systems.
Advice for Investors
Wales’ warning underscores a crucial lesson: innovation does not automatically equate to practical usefulness. While Bitcoin may survive as a speculative asset, he advises investors to focus on time-tested stores of value such as gold, silver, real estate, jewellery, and fine art, which have historically preserved and grown wealth over time. Prospective investors should carefully weigh Bitcoin’s high volatility, limited everyday utility, and uncertain long-term value before allocating significant resources.
Ultimately, Wales’ X post serves as a sober reminder that while cryptocurrencies like Bitcoin offer exciting opportunities, they also carry significant risks for those expecting them to function as reliable money. Bitcoin may technically continue to exist, but it faces a steep challenge in becoming a true medium of exchange or a dependable store of wealth in the decades ahead.