In the years since bitcoin’s launch in 2009, the cryptocurrency industry’s first blockchain-based asset has seen many speculative deaths. While it is true that bitcoin (BTC) could theoretically plummet to the tens of thousands of dollars needed to bring it to zero, one Reddit user has declared his intention to buy blood.
Yesterday, on the subreddit r/Bitcoin, Reddit user u/Substantial-Ad-5012 posted a thread titled: Bitcoin will never be zero in my lifetime. Why? Because I want and can buy every bitcoin ever mined for 1 cent each, the user explained, adding:
So the next time a bitcoin skeptic says bitcoin is non-negotiable, tell him that some random guy on Reddit said they wouldn’t allow it.
Over the years, many old world financial giants have predicted the demise of bitcoin, including gold evangelist Peter Schiff. Jim Rogers, a well-known investor, said he expects a future BTC price of $0 by 2020. Bill Harris, former CEO of PayPal, also predicted a $0 price tag in 2018. Furthermore, Pavel Kravchenko, CEO of Distributed Labs, said that bitcoin could become useless, although his view is dependent on certain conditions.
U/Substantial-Ad-5012 is also not the only one looking to buy bitcoin in the event of a dramatic price increase. Entrepreneur Alistair Milne also expressed similar intentions last year, as evidenced by his $18.52 million purchase order for BTC last year. Binance CEO Changpeng Zhao also tweeted in 2020 after the March crash in the cryptocurrency market that the asset did not drop to zero because he wanted to buy it first.
Still worried about #btc falling to zero?
No, don’t do it! As long as I have a penny to spend, it won’t happen.
– CZ Binance (@cz_binance) March 17, 2020
Other factors that could lead to a general decline in the price of bitcoins are attacks on the global energy system or the destruction of all technology on earth. However, this asset has some protections in the event of a disaster, including a satellite system that supports the Bitcoin blockchain.
At the time of publication, bitcoin is trading at around $58,000.
frequently asked questions
Can bitcoin drop to zero?
According to a 2018 report by two economists at Yale University, the probability of bitcoin crashing is about 0.4%. Getting the price of bitcoin down to zero would be a monumental task and could be nearly impossible.
How are bitcoin tokens protected from unauthorized use?
Bitcoin allows you to protect your money from theft and loss with very strong and useful mechanisms such as backups, encryption, and multiple signatures.
Will bitcoin rise or fall after splitting into two?
If bitcoin’s price trajectory follows the dotted line (average gains from first and second half events), it means that bitcoin could potentially reach $100,000 52 weeks after the May 2020 price decline (around mid-May 2021); and that suggests a record price increase of ~$336,000 74 weeks after the …
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