Chief economist at investment company Vanguard, which manages assets of $5.1 trillion, believes that there is a “high probability” of falling prices of bitcoin to zero.

“I’m enthusiastic about blockchain technology that made bitcoin possible. Vanguard actually uses this technology. As for bitcoin as a currency? I see a high probability that its price will be zero,” wrote Joe Davis (Joe Davis) in the article

In his opinion, does not classify BTC as money, because although the cryptocurrency can be taken as a unit of account and medium of exchange, it is not an effective store of value.

In addition, he added, the current prices of bitcoin is based purely on speculative expectations, not on basic economic principles.

“Investment attractiveness of cryptocurrency weak. Unlike stocks and bonds, they do not generate cash flows such as interest payments or dividends which may explain their prices. National currencies get their value from the primary economic activities of the countries that produce them. The prices of cryptocurrencies, on the other hand, is usually not based on underlying economic principles. Today, their quotes are more dependent on speculation around possible adoption and use,” says Joe Davis.

He cautioned investors from investing, even a small percentage of their assets in bitcoin because it reduces the exposure to the “tried and true asset class” in favor of assets, the investment attractiveness of which “hardly convincing”.

Former CEO of the Vanguard ‘s Tim Buckley (Tim Buckley) voted this way:

“You’ll never see a Fund from Vanguard for bitcoin. We tend to stay away from assets that have no underlying economic value — they do not generate income or cash flows”.

However, Buckley, and Davis in General echoed the opinion of the founder of Vanguard Jack Bogle (Jack Bogle) made them last fall. Legendary investor then has given his advice to investors: “avoid bitcoin like the plague”.