I understand why he doesn't invest in them. I mentioned that in my original post. I want to know why he is so extremely bearish. Not why it fails to meet his investment criteria.

Statements like "rat poison squared" are not the same thing as disliking non-productive assets. I'm sure he doesn't think gold is going to $0. I want to hear why he thinks that Bitcoin is particularly destined for a price of zero. This is the analysis that he never gives us.