The crypto space can rest easy on Bitcoin’s survival — a lone Reddit consumer gets you covered.
In the years since Bitcoin’s 2009 launch, the crypto industry’s inaugural blockchain-based asset has survived many speculative deaths. Although it is true that Bitcoin (BTC) could theoretically crash from the tens of thousands of dollars required to carry it into zero, one Reddit consumer has vowed their intention to buy the blood up.
Why? “Since I’m willing and able to buy all the bitcoin ever mined at 1 penny each,” the consumer clarified, including:
“So next time a bitcoin skeptic brings up the bitcoin going to zero argument just let them know that a random reddit man online said that he won’t let that happen.”
CoingGecko estimates the entire number of Bitcoins mined because the genesis block is around 18,677,925. In the unlikely event that Bitcoin does actually drop to $0.01 USD, it might cost a mere $187,000 to select up each coin in circulation — maybe not accounting for the fact that many consider 20% of Bitcoin are inaccessible.
Through time, many old-world financial personalities have forecast Bitcoin’s eventual demise, such as gold evangelist Peter Schiff. In 2020, Jim Rogers, a prominent investor, said he anticipates a future price of $0 for BTC. In 2018, Bill Harris, the former CEO of PayPal, also predicted a $0 price tag. In addition, Distributed Lab CEO Pavel Kravchenko stated Bitcoin could become worthless, although his position was determined on certain conditions.
U/Substantial-Ad-5012 is not the only one ready to buy Bitcoin either, in case of a stunning price spiral. Entrepreneur Alistair Milne has also expressed similar goals in the past, according to his own 18.52 million BTC buy order this past year. In 2020, after the March crypto market crash, Binance CEO Changpeng Zhao also tweeted concerning the asset not hitting zero, as a result of his intent to buy before then.
Other factors that could result in total price depreciation for Bitcoin include attacks on the global power grid or the destruction of all technology on Earth. The advantage does have some safeguards in place in case of a cataclysmic disaster, however, such as a satellite-based system that maintains Bitcoin’s blockchain.
Bitcoin is trading about $58,000 in the time of publication.