This post was originally published on this site.
- The “Bitcoin to $0” narrative is surging again.
- Market sentiment has flipped decisively bearish.
- Bullish credibility is weakening.
“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.”
That was the verdict this week from Buck Sexton, a popular American talk show host, in a post that quickly spread across social media as Bitcoin’s price fell over 20% in the past week.
Sexton’s comments are the latest example of a narrative that has resurfaced fiercely during the most recent downturn.
Try Our Recommended Crypto Exchanges
Sponsored
Disclosure
We sometimes use affiliate links in our content, when clicking on those we might receive a commission at no extra cost to you. By using this website you agree to our terms and conditions and privacy policy.
What Is The Zero Dollar Theory?
Bitcoin’s critics have always argued that its value depends on the next buyer paying more than the last — and that in a true confidence crisis, there is no “fundamental floor.”
That is the logic behind the zero-dollar thesis.
What has changed is that, amid another sharp downturn, the idea is no longer confined to a handful of gold advocates or ideological skeptics.
It now seems to be being repeated by media figures and even previously bullish traders, at a moment when the crypto market is already battling extreme fear.
But why has the idea that Bitcoin could ultimately be worth nothing become so popular?
Prominent Critics Reignite the Zero-Dollar Theory
Bitcoin has faced existential critiques since its earliest days, but the latest downturn seems to have spread further, fueling long-time skeptics and also those outside of the crypto space.
Richard Farr, chief market strategist and partner at Pivotus Partners, claimed on Wednesday that his firm’s Bitcoin target is “$0.0.”
Farr argued that Bitcoin has failed as a hedge against the dollar, remains heavily correlated to the Nasdaq, and has not gained traction as a medium of exchange.
He also pointed to concerns around mining economics and energy consumption.
“The miners (who are the network) are bleeding cash,” Farr wrote, adding: “We think it’s a zero.”
Peter Schiff, one of Bitcoin’s most vocal opponents, argued that gold’s value is rooted in physical utility, while Bitcoin’s value is based purely on belief.
“Bitcoin’s value is purely subjective, as it has no utility beyond belief,” Schiff said in a post.
Schiff also argued that Bitcoin offers limited practical function beyond storage and transfer.
“Bitcoin can’t do anything. That’s the problem,” he said. “Yes you can store and transfer your Bitcoin, but beyond that you can’t do anything with it.”
Is Bitcoin’s Loudest Support A Problem?
Sexton, in a separate post, argued that the anger he receives from Bitcoin supporters is itself part of the problem.
He wrote that if Bitcoin’s long-term case is truly as strong as believers claim, they should welcome price declines as an opportunity to buy.
“The people who get mad at me over this just prove the point further,” Sexton wrote.
“You should want the price to go down — so you can buy more. But anyone’s perception that it has no value bothers you.”
Traders pushed back on this theory, with many explaining that Bitcoin’s investor base is not a single bloc of patient “true believers.”
In 2026, a significant portion of demand comes from institutional investors involved in ETFs and leveraged long positions, meaning steep drops can quickly turn into an unwind rather than a discount-buying spree.
As a result, price weakness tends to feed anxiety of even the most “bullish” participants.
Trust Has Turned “Extremely Bearish”
Another reason for the zero dollar theory taking such large prominence at the moment can also come down to social media sentiment.
Blockchain analytics firm Santiment said sentiment across the crypto market has turned decisively negative over the past week, with Bitcoin and Ethereum absorbing the brunt of trader pessimism following a steep downswing.
“Sentiment has turned extremely bearish toward Bitcoin and Ethereum following crypto’s major downswing this past week,” the firm said.
The shift in sentiment has been reflected in widely watched market gauges.
The Crypto Fear & Greed Index fell sharply recently, sliding from “Fear” to “Extreme Fear” and dropping to a reading of 14 — its lowest level in roughly six weeks.
Bulls Under Fire as Big Bitcoin Price Predictions Lose Credibility
As prices slide dramatically, the renewed talk of Bitcoin going to zero has been amplified by a collapse in confidence around the industry’s most aggressive bullish forecasts.
In recent weeks, missed predictions from Fundstrat’s Tom Lee and bullish comments from Michael Saylor have drawn skeptics to disown long-term forecasts.
On Jan. 30, 2026, a viral post from a social media figure branding himself as the “world’s smartest man” declared: “Bitcoin about to pump hard.”
Instead, Bitcoin fell sharply the same day, dropping roughly 6% and triggering more than $1.6 billion in liquidations as leveraged long positions were wiped out.
In the days that followed, crypto traders pushed increased criticism at some of the industry’s most loudest bullish voices — especially those with a rich history of missed forecasts.
Michael Saylor, executive chairman of Strategy, became a focal point after he floated a scenario in a recent video in which Bitcoin could reach $10 million “tomorrow” if the world reached consensus on its value.
“If people in the rest of the world knew what I know, and they understood and they agreed with me, Bitcoin would go to $10 million tomorrow,” Saylor said.
Critics mocked the logic of Saylor’s remarks, with one user comparing it to speculative manias of the past, writing: “At least tulips are beautiful.”
Others argued Saylor was ignoring structural pressures facing the Bitcoin ecosystem, including miner profitability, energy costs, and increasing centralization.
Bulls Still See a Long-Term Case — and Not All Are “Hype” Calls
Despite the renewed wave of zero-dollar rhetoric, many investors say the selloff has not erased Bitcoin’s long-term thesis — particularly among institutions and large asset managers.
In its “Big Ideas 2026” report released in January, ARK Invest said it expects the global cryptocurrency market to expand at a 61% compound annual growth rate to around $28 trillion by 2030.
ARK projected that Bitcoin could represent roughly 70% of that total market, and said the token’s price could reach between about $950,000 and $1 million.
“Bitcoin is maturing as the leader of a new institutional asset class,” the firm said.
ARK’s chief executive Cathie Wood also argued that improving macroeconomic conditions could provide support for Bitcoin and broader risk assets.
Wood said the economy has already absorbed a “rolling recession” across housing, manufacturing, small businesses and consumer sentiment, reducing the risk of a deeper downturn.
She also pointed to tax-related tailwinds, including refunds and corporate incentives, as potential drivers of a stronger investment cycle.
Finally, Wood said easing inflation, lower interest rates and deregulation could create a more supportive environment for financial markets.
Why Bitcoin Price Going to Zero Remains Unlikely
Despite the renewed zero-dollar rhetoric, many market participants say Bitcoin collapsing to nothing remains improbable.
Major institutional allocators and long-term custodial vehicles now hold Bitcoin, unlike in earlier boom-and-bust cycles.
A collapse to zero would likely require not just a prolonged bear market, but a complete breakdown in custody, legality and long-term belief.
Much more than a simple crash.
Top Picks for Bitcoin