In the years since Bitcoin was launched in 2009, the initial blockchain assets of the crypto industry have seen several speculative deaths. While it is true that Bitcoin (BTC) could theoretically collapse with the tens of thousands of dollars needed to get it to zero, one Reddit user has pledged his intention to buy blood.
Yesterday, on the r / Bitcoin subreddit, Reddit user u / Substantial-Ad-5012 posted a post titled “Bitcoin will never drop to zero in my life.” why? The user explained, “Because I am ready and can buy all the bitcoins mined for one cent each,” adding:
“So the next time a bitcoin skeptic takes on Bitcoin, he’ll go to Argument Zero, just tell them a random person on Reddit on the Internet said he wouldn’t let that happen.”
CoingGecko estimates that the total amount of bitcoin mined since the Genesis block is around 18677.925. In the unlikely event that Bitcoin drops to $ 0.01, which is unlikely, it will cost just $ 187,000 to receive every coin in circulation – not including the belief by some that 20% of all Bitcoins are unavailable.
Over the years, many ancient financial figures have predicted the eventual death of Bitcoin, including gold evangelist Peter Schiff. In 2020, popular investor Jim Rogers said he expects the future price of BTC to be $ 0. In 2018, Bill Harris, former PayPal CEO, also predicted a price of $ 0. Additionally, Pavel Kravchenko, distributor CEO, said that Bitcoin can become useless even if his position is conditional.
U / Substantial-Ad-5012 isn’t the only person wanting to buy Bitcoin if the price goes up. Businessman Alistair Millen has previously expressed similar intentions, as evidenced by his purchase order for 18.52 million BTC last year. In 2020, after entering the cryptocurrency market in March, Binance CEO Changpeng Zhao also tweeted that the asset will not reach zero due to his intent to buy until then.
Other factors that could lead to Bitcoin’s complete depreciation include attacks on the global energy grid or the destruction of all technologies on Earth. The asset has some safeguards in the event of a catastrophic disaster, including the satellite system powering the Bitcoin blockchain.
At the time of publication, Bitcoin is trading around $ 58,000.