Richard Farr, chief market strategist and partner at Pivotus Partners, has issued a stark prediction for Bitcoin (BTC-USD), setting a price target of zero for the cryptocurrency.

“Our BTC price target is 0.0. That’s not just for shock factor. It’s where the math takes us,” the strategist said, noting that Bitcoin (BTC-USD) has failed to function as a dollar hedge and instead operates as “a speculative instrument correlated to the Nasdaq.”

According to Farr, the cryptocurrency faces insurmountable obstacles in gaining institutional adoption or serving as a legitimate medium of exchange.

“No serious central bank will ever own something where Michael Saylor controls the float,” he said on X, referring to the Strategy (MSTR) executive who has accumulated massive bitcoin holdings.

seekingalpha.com - Bitcoin s price target at zero