The crypto space can rest easy on Bitcoin’s survival — a lone Reddit user has got you covered.
In the years since Bitcoin’s 2009 launch, the crypto industry’s inaugural blockchain-based asset has survived many speculative deaths. While it is true that Bitcoin (BTC) could theoretically crash by the tens of thousands of dollars necessary to take it to zero, one Reddit user has pledged their intention to buy up the blood.
On the r/Bitcoin subreddit yesterday, Reddit user u/Substantial-Ad-5012 posted a thread titled: “Bitcoin will never go to zero in my lifetime.” Why? “Because I am willing and able to buy all the bitcoin ever mined at 1 cent each,” the user explained, adding:
“So the next time a bitcoin skeptic brings up the bitcoin going to zero argument just let them know that a random reddit guy on the internet said that he will not let that happen.”
CoingGecko estimates that the total number of Bitcoins mined since the genesis block is around 18,677,925. In the unlikely event that Bitcoin does in fact drop to $0.01 USD, it would cost a mere $187,000 to pick up every coin in circulation — not accounting for the fact that some believe 20% of all Bitcoin are inaccessible.
Over the years, many old-world financial personalities have forecast Bitcoin’s eventual demise, including gold evangelist Peter Schiff. In 2020, Jim Rogers, a notable investor, said he expects a future price of $0 for BTC. In 2018, Bill Harris, the former CEO of PayPal, also predicted a $0 price tag. Additionally, Distributed Lab CEO Pavel Kravchenko said Bitcoin could become worthless, although his stance was contingent on certain conditions.
U/Substantial-Ad-5012 is not the only one ready to buy Bitcoin either, in the event of a dramatic price spiral. Entrepreneur Alistair Milne has also expressed similar intentions in the past, as demonstrated by his 18.52 million BTC buy order last year. In 2020, after the March crypto market crash, Binance CEO Changpeng Zhao also tweeted about the asset not hitting zero, due to his intent to buy before then.
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 total price depreciation for Bitcoin include attacks on the global power grid or the destruction of all technology on Earth. The asset does have some safeguards in place in the event of a cataclysmic disaster, however, including a satellite-based system that maintains Bitcoin’s blockchain.
Bitcoin is trading near $58,000 at time of publication.
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Author: Benjamin Pirus