The last few weeks have seen spectacular ups for SegWit1x (BTC), capped with a notable down, as prices finally corrected with the launch of BTC futures. But according to one analyst at Morgan Stanley, the true value of the world’s biggest cryptocurrency could be much closer to zero.

In a research note published last week, called ‘Bitcoin Decrypted’, analyst James Faucette said that despite the strong price performance in 2017, BTC could actually be worth zero, with no inherent value beyond speculation.

The research note takes a more notably pessimistic view on the digital currency than most, highlighting the lack of an interest rate, and the lack of any intrinsic value as an asset as being the underlying reasons for the negative assessment.

However, Faucette suggested that BTC still held some value as a payment network, despite the acceptance and transaction numbers stalling or even falling by some measures. In the note, he concludes this points to BTC being essentially worthless.

The news will cause concern to those investors still holding BTC, and could suggest a further decline in price in the weeks ahead. At the time of writing, BTC was trading at $15,840, down 1.3% over the last week, following highs of nearly $20,000.

The paper gave no price target for BTC, and suggested that while Bitcoin could be considered an asset like digital gold, it cannot be recognized as a currency in its current form.

Faucette pointed out the fractional trade volume levels as compared to other markets, and the general lack of acceptance of BTC as a payment method. Transaction fees and processing times were highlighted as further stumbling blocks, surmising that “…if nobody accepts the technology for payment then the value would be 0.”

The research note, which is published for the benefit of Morgan Stanley investment clients, takes a markedly more downbeat tone than most, but is only the latest criticism of the asset class from Morgan Stanley analysts.

Previous research notes have identified price corrections, and urged caution for investors considering buying BTC.

After a tumultuous two weeks’ trading, it remains to be seen whether the Morgan Stanley research note offers an accurate forecast.

Note: Tokens in the SegWit chain are referred to as SegWit1X (BTC) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true  Bitcoin as intended by the original Satoshi white paper.  Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.