There’s a ‘decent probability’ bitcoin goes to zero, says Vanguard economist.
A senior economist at the Vanguard Group, the $5 trillion investment fund, is the latest market participant to pour cold water on the No. 1 digital currency.
In an op-ed Monday, Joe Davis said bitcoin BTCUSD, -1.43% is not a currency, it makes for a poor investment choice and its biggest threats are the very institutions it was meant to overthrow.
“Over the past few months, I’ve gotten this question more than any other,” wrote Davis. “As for bitcoin the currency? I see a decent probability that its price goes to zero...”