"He Predicted 2008 Crash. Now He Says Bitcoin Could Collapse to Zero"

Steve Keen — the post-Keynesian economist who called the 2008 housing collapse while everyone else was asleep — says Bitcoin is heading to zero. His argument isn't the usual noise. It's structural.Bitcoin's security model is its own death sentence, Keen argues. The whole thing works because breaking the network costs more energy than it's worth. Great feature. Terrible long-term plan. As climate policy tightens and governments are forced to ration energy for things like food and heating, an electricity-hungry ledger becomes an easy target. He also doesn't buy the 'digital gold' narrative. Bitcoin moves with tech stocks, not gold. It's a risk asset dressed up in hard-money clothing. And a fixed supply? That's not a feature — it's a deflationary trap that discourages spending and slowly strangles economic activity. Add 20,000 tokens to the mix and you have what Keen calls a Cambrian Explosion — a burst of speculative life before the great extinction. Most won't survive.