Economist Steve Keen has warned that Bitcoin is poised to collapse to zero, citing its high energy consumption and global energy constraints. His prediction, which has circulated online, is countered by analysts like Crypto Patel, who notes Keen has made similar incorrect forecasts since Bitcoin traded at $4,000 and highlights the network’s increasing use of sustainable energy sources.
Economist Steve Keen has issued a stark warning about Bitcoin’s future, predicting the cryptocurrency will collapse to zero. In a recent discussion, he argued the asset’s extensive energy requirements for security pose a long-term threat, especially amid rising geopolitical tensions impacting global energy supplies.
Keen explained the basis of his concern, stating “the way that the public ledger is kept safe is that it takes too much energy to break it.” He further emphasized a coming global reckoning, adding “at some point we’re going to realize we’re using far too much energy on the planet. We’ve got to cut the energy consumption.” This analysis has gained renewed attention online.
However, analyst Crypto Patel has publicly countered Keen’s prediction. Patel stated on X that Keen has been forecasting Bitcoin’s demise since 2018 when its price was approximately $4,000, a fraction of its current value near $68,000.
Patel also challenged the energy argument directly. He noted that similar “zero” predictions from other economists have been incorrect for over a decade and pointed to Bitcoin’s evolving energy profile, stating “55%+ of mining now runs on sustainable power.” The debate highlights continuingåˆ†æ§ over Bitcoin’s fundamental value and environmental impact.
