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CryptoWatch: Vanguard’s chief economist: ‘Decent probability’ that bitcoin goes to zero

Add Vanguard to the growing list of major Wall Street institutions that are skeptical of bitcoin.

Joe Davis, Vanguard’s global chief economist and the head of its investment strategy group, weighed in on the world’s largest digital currency, expressing enthusiasm about bitcoin’s underlying technology but extreme bearishness about the cryptocurrency itself.

“I see a decent probability that its price goes to zero,” he wrote in a blog post. While bitcoin BTCUSD, +0.67% has largely trended higher over the past 12 months, recent trading in the notoriously volatile security has been decidedly lower. Bitcoin last traded at $8,208.83, down 0.3% on the day.

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