Renowned Australian economist Steve Keen has made a controversial statement about Bitcoin.
Keen, known for predicting the 2008 global financial crisis, suggested that Bitcoin’s value will approach zero in the long term.
In an interview on the YouTube program The Diary of a CEO, Keen argued that Bitcoin’s high energy consumption is unsustainable.
The economist pointed out that a large amount of electricity is used to secure the digital ledger, and stated that from a climate science perspective, global energy consumption needs to be reduced, which threatens the future of Bitcoin.
According to the economist, Bitcoin will face significant pressure in the long term due to its energy-intensive nature, which could lead to its price eventually falling towards zero. Keen’s views have resonated widely within the cryptocurrency community.
On the other hand, crypto analyst Crypto Patel countered Keen’s statements, offering a different perspective. Patel reminded Keen that he had predicted Bitcoin’s failure since 2018, but the BTC price, which was around $4,000 at that time, has now risen above $68,000.
Patel also highlighted that more than 55% of the energy used in Bitcoin mining comes from renewable sources. He argued that this partially offsets criticisms regarding environmental impact.
According to experts, the debate over Bitcoin’s energy consumption will remain a topic of discussion in the coming period.
*This is not investment advice.
