In the years since Bitcoin’s launch in 2009, the cryptocurrency industry’s inaugural blockchain-based asset has survived many speculative deaths. While it is true that Bitcoin (BTC) could theoretically crash for the tens of thousands of dollars needed to bring it to zero, one Reddit user has promised his intention to buy the crash.
On the r / Bitcoin forum yesterday, the Reddit user Substantial-Ad-5012 posted a thread titled: “Bitcoin will never hit zero in my life.” Why? “Because I am willing and I can buy all the bitcoins mined for 1 cent each”, the user explained, adding:
“So the next time a bitcoin skeptic brings up the argument that bitcoin goes to zero, let him know that some random reddit guy on the internet said they won’t let that happen.”
Over the years, many old world financial personalities have predicted the eventual demise of Bitcoin, including gold evangelist Peter Schiff. In 2020, Jim Rogers, a notable investor, said that he expects a future price of $ 0 for BTC. Bill Harris, former CEO of PayPal, in 2018 also predicted a $ 0 price for Bitcoin. Furthermore, Distributed Lab CEO Dr. Pavel Kravchenko said that Bitcoin could become useless, although his stance depended on certain conditions.
Substantial-Ad-5012 It is also not the only one ready to buy Bitcoin, in the event of a dramatic price spiral. Entrepreneur Alistair Milne has also expressed similar intentions in the past, as evidenced by his purchase order for 18.52 million BTC last year.. In 2020, after the March crash of BTC, Binance CEO Changpeng Zhao also tweeted that the asset did not reach zero, due to your intention to buy before that date.
Still worried about #btc going to 0?
Don’t! So long as I have a penny left, it won’t happen.
– CZ Binance (@cz_binance) March 17, 2020
Other factors that could lead to the total depreciation of the price of Bitcoin include attacks on the global power grid or the destruction of all technology on Earth. However, the asset does have some safeguards in the event of a catastrophic disaster, including a satellite-based system that maintains the Bitcoin blockchain.
Bitcoin is trading close to $ 58,000 at press time.