Bitcoin • January 23, 2019, 11:18AM EST
UPDATED: January 23, 2019, 11:19AM EST

Founder of BCG Digital Ventures says he believes bitcoin will go to zero

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The Block

Jeff Schumacher, founder of BCG Digital Ventures, said during a panel in Davos: "I do believe [bitcoin] will go to zero. I think it's a great technology but I don't believe it's a currency. It's not based on anything."

Bitcoin briefly surpassed $20,000 towards the end of 2017 and has since fallen by 82% to $3,600 where it's trading today. According to 99Bitcoins, Bitcoin has been pronounced dead 342 times; most recently by Kevin Dowd, Avi Simhon and Ardo Hansson.