Crypto billionaire Brock Pierce says that Bitcoin (BTC) will either fail spectacularly or become massively successful.
In a Fox Business interview, Pierce, who is the chairman of the Bitcoin Foundation, says that investors should refrain from going all-in on the leading crypto asset.
“[Bitcoin] could go to zero. It’s a binary outcome. It’s either going to go to $1 million a Bitcoin or zero. It’s going to be one or the other, which is why you shouldn’t put everything there.”
Bitcoin is trading for $36,024 at time of writing.
According to Pierce, the cryptocurrency landscape currently reminds him of the tech bubble over two decades ago when a culling of internet startups took place.
“This reminds me a lot of 1999, right? We are in that phase. And what came out of that? eBay and Amazon and all sorts of interesting businesses came out of the Dot-Com sort of 1.0 era. And a bunch of it went to zero. And I think that will probably be true of what we see here.
That doesn’t mean the innovation isn’t real and it’s not going to play an important role in our collective future.”
In addition to Bitcoin, Pierce unveils that he’s heavily invested in one Ethereum (ETH) competitor.
“I famously just made a nine-figure bet on EOS. I converted all of my Block.one shares into that. That’s public.
And beyond that, I’m very interested in what’s happening within the NFT [non-fungible token] market. I was part of the NFT.com purchase and launch which happened last week.”
NFT.com is a community-driven non-fungible token marketplace that allows users to create their own profile galleries.
EOS, a smart contract platform for decentralized applications, is trading for $2.02 at time of writing.