Various theories about Bitcoin hitting zero have found their way into the mainstream media. One such theory is once again gaining momentum, with economist Steve Keen in the center of it all. Keen, known for predicting the 2008 financial crisis, is back again with a new prediction, a bold Bitcoin collapse theory, which has lately been making rounds on the internet. What is this theory all about, and will Bitcoin ever succumb to such a fate? Let’s explore it all.
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Economist Warns Of An Impending Bitcoin Collapse
Famous economist Steve Keen, renowned for predicting 2008 financial collapse, is once again garnering central attention. This time, Keen has predicted a rather bold analysis in Bitcoin, stating how BTC is poised to collapse and hit zero soon. Adding more to this, Keen shared how Bitcoin’s extensive energy requirements may spell trouble for the asset in the long haul, bringing it closer to its collapse. The heavy energy usage coupled with rising geopolitical tensions that have lately been impacting the energy arena may make it difficult for Bitcoin to thrive, compelling the asset to drop to zero soon.
“… 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.”
Analyst Counters Keen’s Prediction
While Keen shared his own theory about the impending Bitcoin collapse, Crypto Patel, a famous crypto expert, has come forward to counter this theory. In his latest tweet on X, Patel shared how Keen has been predicting Bitcoin’s doom, even at the time when BTC was at $4000. Patel later shared how BTC energy management has now adopted sustainable standards, countering Keen’s argument on BTC being highly energy-intensive.
“Keen has been calling zero since 2018, when $BTC was $4,000. Today it is $68,000+. Every “Bitcoin to zero” 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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