Bitcoin has tumbled 50% from last year's record high of $126,200 to around $61,600, and the bullish case for the cryptocurrency is weakening. Fewer than 7,000 businesses worldwide accept it as payment, undermining hopes it would transform the financial system, and its failure to act as a safe haven—falling 5% last year while gold surged 64%—challenges the digital-gold narrative. Despite bold forecasts from Michael Saylor, who sees Bitcoin hitting $21 million per coin by 2045, and Ark Invest's $761,904 target by 2030, the cryptocurrency is on track for its first-ever back-to-back annual loss in 2026. Investors are cautioned that past performance may not repeat, and buying at current levels is unlikely to generate long-term wealth.
MicroStrategy IncorporatedArticle notes Bitcoin's limited adoption as payment, undermining the bullish case for MicroStrategy's Bitcoin holdings.