Buck Sexton<\/a>, who wrote that \u201cevery time I ask a Bitcoin true believer to explain why they think it has any long-term value\u2026 I come away more certain that Bitcoin has no long-term value, and a floor price of zero.\u201d His post went viral after Bitcoin tumbled more than 20% over the past week, amplifying a bearish narrative that critics have pushed for years. The core claim is simple: in a full confidence crisis, an asset with no cash flows and no legal claim on anything tangible has \u201cno \u2018fundamental floor.\u2019\u201d<\/p>\nRichard Farr, chief market strategist at Pivotus Partners, put it more bluntly, saying his firm\u2019s Bitcoin target is \u201c$0.0,\u201d arguing it has \u201cfailed as a hedge against the dollar,\u201d tracks high\u2011beta tech, and has not gained real traction as money. \u201cThe miners (who are the network) are bleeding cash,\u201d Farr wrote. \u201cWe think it\u2019s a zero.\u201d<\/p>\n
Belief versus utility<\/h2>\n
Long\u2011time antagonist Peter Schiff again contrasted Bitcoin with gold, insisting that \u201cBitcoin\u2019s value is purely subjective, as it has no utility beyond belief.\u201d \u201cBitcoin can\u2019t do anything. That\u2019s the problem,\u201d he added. \u201cYes you can store and transfer your Bitcoin, but beyond that you can\u2019t do anything with it.\u201d That critique dovetails with academic warnings that non\u2011yielding assets are ultimately hostage to reflexive flows, a point underscored during previous deleveraging waves in 2018 and 2022.<\/p>\n
Yet the ferocity of the latest backlash also reflects how over\u2011financialized the asset has become, tethered to macro risk cycles and ETF flows rather than cypherpunk ideals. Sexton himself argued that the \u201canger\u201d from online advocates is part of the problem, eroding mainstream credibility just as regulators and traditional finance are demanding more discipline.<\/p>\n
Market snapshot<\/h2>\n
The debate comes as digital assets grind through another risk\u2011off stretch. Bitcoin (BTC) trades near $70,961, up roughly 2.4% over the last 24 hours on about $42.3b in volume. Ethereum (ETH) changes hands around $2,094, up about 0.65% over the same period, with spot and futures turnover exceeding $50b. Solana (SOL) sits close to $86.6, down roughly 1.4% on the day, with more than $6.1b traded.<\/p>\n
These skittish flows mirror broader macro anxiety, from tightening financial conditions to renewed equity volatility, that has historically pressured high\u2011beta crypto assets. For now, the \u201czero\u201d narrative is less a precise price target than a stress test of Bitcoin\u2019s maturing, yet still fragile, social contract.<\/p>\n
Related coverage: Bitcoin\u2019s correlation with tech stocks has repeatedly spiked during risk\u2011off shocks, challenging the \u201cdigital gold\u201d hedge story. Ethereum\u2019s evolving fee and burn dynamics highlight how protocol cash\u2011flow narratives can bolster perceived intrinsic value. Solana\u2019s outsized rally and sharp pullbacks underline how execution risk and network outages still shape the market\u2019s tolerance for speculative layer\u20111 bets.<\/p>\n
<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"
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