The idea that Bitcoin falling to zero has resurfaced as the cryptocurrency market is going through one of its sharpest corrections. After sliding nearly 50% from its peak above $126,000 in October 2025, Bitcoin’s price weakness has reignited long-standing skepticism, pushing the “Bitcoin to $0” theory.

Critics Reopen the Zero-Dollar Case

Buck Sexton, a media personality, argued that his conversations with Bitcoin supporters led him to believe that the asset holds no intrinsic value. 

His comments became more popular after Bitcoin saw a decline of more than 20% in a week, which increased negative sentiment on social platforms.

From an institutional perspective, Richard Farr of Pivotus Partners publicly stated that his firm assigns Bitcoin a long-term value of zero. He has cited its high correlation with equity markets, limited adoption as a medium of exchange and persistent concerns around mining economics.

Peter Schiff echoed similar views and reiterated that Bitcoin’s valuation is based on belief rather than physical or functional utility. 

Schiff argued that even prices that are above zero, like $100 to $1,000, would still be value for nothing in his framework.

Sentiment Data Turns Sharply Bearish

According to Santiment, trader sentiment toward Bitcoin and Ethereum has turned extremely bearish following the latest downswing. 

This shift has been reflected in the Crypto Fear & Greed Index on CoinMarketCap which fell to a reading of 10 within theExtreme Fear territory.

Adding to the pressure, leveraged positions were flushed out during the decline with more than $1.6 billion in liquidations reported during one particularly sharp sell-off. 

Why the Zero Scenario Faces Structural Barriers

Despite the renewed wave of criticism, many analysts argue that Bitcoin going to zero would need far more than a cyclical bear market. Unlike earlier downturns Bitcoin is now deeply embedded within institutional frameworks. 

The introduction of Spot Bitcoin ETFs, corporate treasury investments and approved custodial services has established a larger base of investors who hold Bitcoin for the long term. 

The recent market decline saw only limited ETF outflows compared to typical outflow patterns seen during previous market corrections. 

The zero-dollar narrative presents a direct opposition to ARK Invest's forecast which predicts that the global crypto market will reach a value of $28 trillion by 2030. Bitcoin can be the leader through institutional investment and improved economic conditions.

Also Read: Bitcoin Down Nearly 50%, But Bernstein Says the Bull Case Remains Intact

A Collapse Versus a Severe Drawdown

At the time of writing, Bitcoin was trading near $69,031, down 2.30% in the past 24 hours. While critics like Schiff maintain that Bitcoin’s long-term relevance will fade over decades, most market participants see a distinction between extreme volatility and total obsolescence. 

For Bitcoin to reach zero, it would likely need a combination of global regulatory bans, a collapse in custody infrastructure and a complete loss of institutional belief. For now, this looks unlikely despite heightened skepticism.