As the price of Bitcoin and Bitcoin futures have risen in 2017, one Morgan Stanley analyst has a radically different take on the digital currency. In a markedly different take Today’s Bitcoin price is around $16,000, but analyst James Faucette said in a research note last week, that the value of Bitcoin could actually be… zero.
In a research note titled “Bitcoin Decrypted,” the Morgan Stanley analyst outlined several reasons for why Bitcoin may have no real-world value, Business Insider first reported. One reason is that it’s not a real currency, Faucette said, since Bitcoin has no interest rate attached to it. Another is that since it’s not a physical object like gold (which can be used as a precious metal), it lacks an intrinsic value.
However, Faucette concedes that Bitcoin has value as a payment network, but therein lies the rub. The analyst claimed Bitcoin has “virtually no acceptance, and shrinking,” adding “if nobody accepts the technology for payment then the value would be 0.”
More from FORTUNE
This is not the first time Faucette has sounded the alarm for what he sees as a Bitcoin bubble. In July Faucette’s team also said “Bitcoin acceptance is virtually zero and shrinking.” Since then, the cryptocurrency’s value has gone on an incredible run, with Bitcoin’s value defying predictions.
A recent Bitcoin slump even hurt the stock market, but a post-Christmas rally seems to have helped the cryptocurrency shake off its hangover. Will it falter again and drop as far as Faucette suggests? Time — and investments — will tell.