Where does bitcoin go from here? Everybody seems to have an opinion on cryptocurrencies these days, and NYU finance professor Aswath Damoradan, known in trading circles as the “Dean of Valuations,” offered up his latest this week.

He defies categorization as a bull or bear because he finds himself disagreeing with bitcoin’s biting critics as well as its fervent backers.

“ ‘If you lose millions, please don’t let paranoia lead you to blame the establishment, banks and governments for why you lost.’ ” — Aswath Damodaran

“Unlike Jamie Dimon, I don’t believe that bitcoin is a fraud and that people who are ‘stupid enough to buy it’ will pay a price for that stupidity,” Damodaran wrote in a blog post. “Unlike its biggest cheerleaders, I don’t believe that cryptocurrencies are now or ever will be an asset class or that these currencies can change fundamental truths about risk, investing and management.”

He explained that the reason for the gaping divide is that the two sides disagree fundamentally on what bitcoin BTCUSD, -0.00% is. For his part, Damodaran argues bitcoin is not an asset, but a currency, “and as such, you cannot value it or invest in it. You can only price it and trade it.”

So where does it go from here? Damodaran sees three ultimate paths for bitcoin, as a currency, to take in the long term.

Widespread acceptance in transactions globally

“For this to happen,” he said, “it has to become more stable (relative to other currencies), central banks and governments around the world have to accept its use (or at least not actively try to impede it) and the aura of mystery around it has to fade.”

Should this take place and it competes with fiat currencies, the high price will become justified, given there’s a finite amount available.

Gold for millennials

“In this scenario, bitcoin becomes a haven for those who don’t trust central banks, governments and fiat currencies,” Damodaran said. “In short, it takes on the role that gold has, historically, for those who have lost trust in or fear centralized authority.”

If this happens, expect it to behave like gold: rising during crises and dropping during the good times.

The 21st Century tulip bulb

This is the one bitcoin enthusiasts hope — and believe — never happens.

“In this, the worst case scenario, Bitcoin is like a shooting star, attracting more money as it soars, from those who see it as a source of easy profits,” Damodaran wrote. “But just as quickly flares out as these traders move on to something new and different (which could be a different and better designed digital currency), leaving Bitcoin holders with memories of what might have been.”

He admits he has no idea which way it goes from here, but those are the most realistic scenarios.

“If you are trading in bitcoin, you may very well not care, since your time horizon may be in minutes and hours, not weeks, months or years,” Damodaran said. “If you have a longer term interest in Bitcoin, though, your focus should be less on the noise of day-to-day price movements and more on advancements on its use as a currency.”

He said he wouldn’t buy any bitcoin at these levels, but only because he’s not, and never has been, a good trader. Don’t let that stop you, though.

“If you have good trading instincts, you should play the pricing game, as long as you recognize that it is a game, where you can win millions or lose millions, based upon your calls on momentum,” he said. “If you win millions, I wish you the best! If you lose millions, please don’t let paranoia lead you to blame the establishment, banks and governments for why you lost. Come easy, go easy!”

For a more detailed look at his bitcoin take, watch his video: