Famed Bitcoin Skeptic Warns of Incoming ‘Full Collapse’ — Angered Community Fires Back

Key Takeaways

• Bitcoin critic Jacob King argues the value is unsustainable and predicted an eventual “full collapse.”
• The Bitcoin community responded angrily to King’s claims.
• Analysts remain cautiously optimistic about Bitcoin’s outlook.

A long-time critic of Bitcoin ignited a fierce backlash on Thursday after arguing that the cryptocurrency’s value relies on “a gimmick” and claiming it is due for a “full collapse.”

Jacob King Slams Bitcoin

Financial commentator Jacob King said Bitcoin maximalists routinely justify the asset’s value by citing its 21 million token cap, but argued the limit is not economically meaningful.

“Firstly, it is not fixed,” King wrote.

Adding: “The supply can technically be changed if the network’s participants agree to it, and most of the node infrastructure is centralized and operated by a relatively small group.”

King added that even if the supply were permanently set, “scarcity alone means nothing without actual demand,” comparing Bitcoin’s supply dynamics to a hypothetical market for “unwashed Christmas socks.”

The remarks drew swift and heavy criticism from Bitcoin advocates, who flooded the thread with counterarguments.

Many insisted that altering Bitcoin’s supply would require a divisive hard fork, a change so drastic that users, miners, and exchanges would be unlikely to adopt it.

“Then you need to convince everyone to come over and play with your newly created diluted chain,” one user wrote. “Why would all miners, node runners and users do that?”

Others accused King of misunderstanding game theory and the economic incentives that make Bitcoin’s supply credible.

“For the supply to change, every single node would have to agree to have its savings devalued,” wrote another Bitcoin analyst. “Not going to happen — that’s the economic incentive.”

King fired back harshly at critics, calling Bitcoin supporters “brainless maxis” and claiming it would take “four seconds” to convince them to accept changes if influential Bitcoin figures endorsed them.

Bitcoin’s “Total Collapse”

In a separate post , King claimed that Bitcoin’s decline from its October highs marked the beginning of a deep and extended downturn.

“Reality is simple: BTC is in a bear market that will drag on for years, and destroy the net worths of millions who are all-in + using leverage,” he wrote.

He added that Bitcoin promoters were “rolling out distractions” to entice new buyers and argued that prices above $90,000 were a “rare second chance for people to exit while prices remain high.”

King also claimed that Strategy (formerly MicroStrategy) was “deeply underwater and facing imminent exchange delistings.”

“After the full collapse,” King wrote, “everyone will look back and admit the warning signs were so obvious.”

The Bitcoin community fiercely responded to King’s allegations, with many users directly challenging his claims with evidence.

“Go check 50% correction in 2021, 60–70% in 2017 and 80–90% corrections in 2014–2015,” wrote one responder.

Another said: “I feel like what you’re saying should be the case, but I think we’re in an alternate timeline where Saylor will end up being the richest man in the world.”

“Someone bookmark this idiot for Q1 next year ROFL,” said another.

CCN Bitcoin Outlook

At the time of reporting, Bitcoin is trading at around $91,215, up roughly 10% over the past week.

On Thursday, CCN analyst Valdrin Tahiri said Bitcoin is gaining strength at “exactly the moment when macro conditions are turning supportive.”

“Rate-cut odds are rising, leverage has been reset, global markets are recovering, and technical indicators are showing early signs of a breakout,” Tahiri wrote.

He remained cautious that Bitcoin must overcome major hurdles before any renewed rally can gain traction.

“However, BTC still faces key resistance near $98,000–$103,400. A breakout above this zone could quickly open the door to new highs,” he added.