Bitcoin could fall to zero, says crypto billionaire Brock Pierce

The first cryptocurrency can be very successful, but it can also crash, so betting exclusively on it is risky. This is the view expressed by veteran Bitcoin investor and billionaire Brock Pierce in an interview with Fox Business.

#ICYMI you can now watch my full interview with @LizClaman on the #ClamanCountdown via @FoxBusiness here:https://t.co/cypoOgmmNs#futurist #foxbusiness #bitcoin #EOS https://t.co/10bA3k9Sf6 pic.twitter.com/xi3nAdvzR5

— Brock Pierce (@brockpierce) May 6, 2022

“Bitcoin could fall to zero. It’s a binary outcome. Either $1 million per BTC, or zero. Either the first or the second, so it’s not wise to put all your eggs in the first cryptocurrency,” he said.

Pierce believes the current crypto landscape bears a strong resemblance to the dot-com bubble in the late 1990s.

“The situation is strikingly similar to the year 1999. The market is in the same phase now. And what came of it then? After the dot-com bubble, eBay, Amazon and other interesting companies emerged, but many businesses went bankrupt. But this does not mean digital assets are not real and will not play a meaningful role in our collective future,” the billionaire noted.

Pierce admitted that he diversified his portfolio, primarily through Ethereum. He also placed a nine-zero bet on EOS, converting all his Block.one shares into cryptocurrency.

“Among other things, I am very interested in what happens in the non-fungible token market. I was involved in the purchase and launch of NFT.com,” the businessman added.

In 2020, Pierce attempted to run for the U.S. presidency as an independent candidate. At a campaign rally, he was handed documents in a securities-fraud case.

In June 2021, the billionaire said that led the “official delegation of Bitcoin ambassadors” in El Salvador, for which he drew criticism from the community.