The idea that bitcoin could ultimately be worth nothing has resurfaced after a fresh selloff revived questions about utility, cash flows and whether belief alone can sustain its price.
Commentators including Buck Sexton and Richard Farr argue bitcoin lacks a fundamental floor, framing it as a high-beta asset driven by flows and confidence rather than intrinsic value.
“Every time I ask a Bitcoin true believer to explain why they think it has any long-term value, I come away more certain that Bitcoin has no long-term value, and a floor price of zero,”
Sexton said.
Farr echoed the view, saying his firm’s bitcoin target is “$0.0,” while longtime critic Peter Schiff reiterated that bitcoin’s value is “purely subjective” with no enforceable claim on real assets.
The debate has intensified as bitcoin trades near the low-$70,000 region alongside choppy moves in ether and solana, highlighting crypto’s sensitivity to macro risk-off shocks.
Critics say bitcoin’s growing correlation with technology stocks and reliance on ETF flows have weakened its “digital gold” narrative and tied it more closely to broader financial cycles.
Supporters counter that the zero-dollar thesis reflects stress testing of bitcoin’s social contract rather than an imminent outcome, as the asset continues to weather repeated confidence crises.
At the time of reporting, Bitcoin price was $70,613.45.