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Zero-dollar Bitcoin? A growing narrative is bubbling up

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Zero-dollar Bitcoin? A growing narrative is bubbling up

Skeptics say ‘Zero-Dollar Bitcoin’ as a new selloff revives brutal questions about utility, cash flows, and whether confidence alone can sustain its price/

Bitcoin’s (BTC) latest drawdown has revived an old, brutal question: could the world’s largest cryptocurrency ultimately be worth nothing? As prices slide and faith wobbles, a “Bitcoin to $0” thesis is again echoing through markets and media.

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Zero‑dollar thesis resurfaces

The spark this week came from conservative commentator Buck Sexton, who wrote that “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.” 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 “no ‘fundamental floor.’”

Richard Farr, chief market strategist at Pivotus Partners, put it more bluntly, saying his firm’s Bitcoin target is “$0.0,” arguing it has “failed as a hedge against the dollar,” tracks high‑beta tech, and has not gained real traction as money. “The miners (who are the network) are bleeding cash,” Farr wrote. “We think it’s a zero.”

Belief versus utility

Long‑time antagonist Peter Schiff again contrasted Bitcoin with gold, insisting that “Bitcoin’s value is purely subjective, as it has no utility beyond belief.” “Bitcoin can’t do anything. That’s the problem,” he added. “Yes you can store and transfer your Bitcoin, but beyond that you can’t do anything with it.” That critique dovetails with academic warnings that non‑yielding assets are ultimately hostage to reflexive flows, a point underscored during previous deleveraging waves in 2018 and 2022.

Yet the ferocity of the latest backlash also reflects how over‑financialized the asset has become, tethered to macro risk cycles and ETF flows rather than cypherpunk ideals. Sexton himself argued that the “anger” from online advocates is part of the problem, eroding mainstream credibility just as regulators and traditional finance are demanding more discipline.

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Market snapshot

The debate comes as digital assets grind through another risk‑off 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.

These skittish flows mirror broader macro anxiety, from tightening financial conditions to renewed equity volatility, that has historically pressured high‑beta crypto assets. For now, the “zero” narrative is less a precise price target than a stress test of Bitcoin’s maturing, yet still fragile, social contract.

Related coverage: Bitcoin’s correlation with tech stocks has repeatedly spiked during risk‑off shocks, challenging the “digital gold” hedge story. Ethereum’s evolving fee and burn dynamics highlight how protocol cash‑flow narratives can bolster perceived intrinsic value. Solana’s outsized rally and sharp pullbacks underline how execution risk and network outages still shape the market’s tolerance for speculative layer‑1 bets.

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Crypto World

Franklin Templeton launches crypto division with 250 Digital acquisition

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Franklin Templeton launches crypto division with 250 Digital acquisition

Wall Street asset management giant Franklin Templeton is launching a dedicated cryptocurrency division as it deepens its push into digital assets, anchored by a planned acquisition of crypto investment firm 250 Digital.

The new unit, called Franklin Crypto, will bring together the 250 Digital team and its liquid crypto strategies — previously managed by CoinFund — under one structure aimed at institutional investors, the firm said Wednesday.

Former CoinFund executive Christopher Perkins will lead the division, with Seth Ginns serving as chief investment officer alongside Franklin Templeton digital assets executive Tony Pecore. The group will report to Sandy Kaul, the firm’s head of innovation.

The move builds on Franklin Templeton’s existing digital asset business, which manages about $1.8 billion, and signals a shift toward offering more active crypto investment strategies alongside its current products.

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“This is an exciting addition for Franklin Templeton,” CEO Jenny Johnson said, adding that the deal strengthens the firm’s ability to deliver dedicated crypto expertise to clients globally.

The launch of Franklin Crypto reflects a broader trend among large asset managers that are moving beyond passive exposure, such as exchange-traded funds, toward building in-house capabilities.

Perkins said the effort is aimed at meeting that demand. “Crypto’s institutional moment has arrived,” he said, pointing to growing interest from large investors seeking structured exposure to digital assets.

The transaction also includes an experimental element: part of the consideration will be paid using BENJI tokens, linked to Franklin Templeton’s on-chain U.S. Government Money Fund. The fund uses blockchain infrastructure to process transactions and record ownership.

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That approach suggests early steps toward conducting mergers and acquisitions using tokenized assets, with settlement occurring more directly on blockchain rails.

The acquisition is expected to close in the second quarter of 2026, subject to approvals and other conditions. Financial terms were not disclosed.

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Avalanche (AVAX) gains 4% as index moves higher

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9am CoinDesk 20 Update for 2026-04-01: vertical

CoinDesk Indices presents its daily market update, highlighting the performance of leaders and laggards in the CoinDesk 20 Index.

The CoinDesk 20 is currently trading at 1968.28, up 1.0% (+20.29) since yesterday’s close.

Eighteen of 20 assets is trading higher.

9am CoinDesk 20 Update for 2026-04-01: vertical

Leaders: AVAX (+4.0%) and HBAR (+3.6%).

Laggards: BCH (-2.1%) and BNB (+0.0%).

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The CoinDesk 20 is a broad-based index traded on multiple platforms in several regions globally.

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Bitcoin Breaks 5-Month Losing Streak With $68K March Close: What’s Next?

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Cryptocurrencies, Bitcoin Price, Markets, BTC Markets, Price Analysis, Market Analysis

Bitcoin (BTC) closed March in green, ending the longest monthly losing streak since 2018. Data suggests that the coming months may prove to be profitable for BTC.

Key takeaways:

  • Bitcoin ended March 2% higher, marking the first green monthly close in six months.

  • A similar streak in 2018/2019 led to an over 316% BTC price rebound over five months.

  • Bitcoin price faces stiff resistance at $70,000-$72,000, where key trend lines converge.

Past multi-month downtrends were followed by 300% price gains

Historical price data from CoinGlass confirms Bitcoin printed its first green monthly candle in six months, closing March 2% higher after five straight months of losses.

“This is a massive dose of hopium,” analyst Ash Crypto said in an X post on Wednesday.

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The analyst was referring to a possible shift in momentum, which might lead to a sustained recovery, as seen in previous cycles.

Related: Crypto Fear & Greed Index stuck on ‘extreme fear,’ but is there a silver lining?

The last time this happened was in 2018/2019 when BTC closed February 2019 in green, after six consecutive red months, as shown in the figure below.

This led to a reversal with over 300% returns the following five months, as Bitcoin recovered from the 2018 bear market.

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“Last time BTC dumped 6 months in a row, it pumped the following 5 months in a row that came after!” trader Satoshi Flipper said in a Wednesday post on X.

Cryptocurrencies, Bitcoin Price, Markets, BTC Markets, Price Analysis, Market Analysis
Bitcoin monthly percentage returns. Source: CoinGlass

If history repeats itself, the reversal may continue in April, suggesting that BTC price may have bottomed at $60,000.

Bitcoin’s bullish monthly close is a ”catalyst for fresh inflows into early April,” Trader Caleb said, adding:

“April starts with momentum.”

Bitcoin has a well-established tendency for significant price swings in April.

Since 2013, April has been a green month for eight of the past 13 years, with average returns of about 12.2%

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However, Bitcoin also tends to move in the opposite direction to March in April, and this is true for nine out of the past 13 years. 

In recent years, Bitcoin dropped in April after closing March in green, three out of four times between 2021 and 2024. 

Therefore, while the end of past multi-month drawdowns suggests a rebound is due, data demonstrates that BTC price could also slide in April.

Watch these Bitcoin price levels next

Data from TradingView shows BTC price up 2.5% on the day to trade at $68,470 as the $69,000-$70,000 resistance remains in place.

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Analysts expect Bitcoin’s range-bound price action to continue for longer, with important price levels to look for in case of a breakout. 

These include the $70,000-$72,000 supply zone, coinciding with the 50-day simple moving average (SMA), the 50-day exponential moving average (EMA) and the 1w–1m cohort cost basis

This is also where investors acquired approximately 650,000 BTC, marking a potential point of sell pressure, according to the cost-basis distribution data from Glassnode.

Breaking above this level could see BTC/USD revisit the $76,000 range high and eventually the $80,000 psychological level.

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BTC/USD daily chart. Source: Cointelegraph/TradingView

Zooming out, trader Sheldon Diedericks said Bitcoin could “push into resistance” at $83,000 on the monthly time frame, a key support level from April 2025. The 200-day EMA is also close to this area.

BTC/USD monthly chart. Source: X/Sheldon Diedericks

On the downside, the 200-week EMA at $68,300 and the 200-week SMA at $59,400 remain key levels to watch. Below that, the next major level is Bitcoin’s realized price around $54,000.

As Cointelegraph reported, Bitcoin’s bear market bottom could be formed once BTC price drops toward or below its realized price.