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The crypto community should breathe easy about Bitcoin’s longevity — a single Reddit user has you protected.
Bitcoin, the crypto industry’s first blockchain-based currency, has survived several speculative deaths in the years following its 2009 introduction. Although Bitcoin (BTC) could potentially crash by the tens of thousands of dollars needed to get it to zero, one Reddit user has pledged 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.”
According to CoingGecko, the cumulative amount of Bitcoins mined since the genesis block is approximately 18,677,925. In the unfortunate case that Bitcoin falls to $0.01 USD, it will cost just $187,000 to collect any coin in existence — not including the probability that others say 20% of all Bitcoin is unavailable.
Many old-world financial figures, like gold evangelist Peter Schiff, have predicted Bitcoin’s downfall over the years. Jim Rogers, a well-known trader, predicted a future price of $0 for Bitcoin in 2020. Bill Harris, the former CEO of PayPal, expected a $0 price tag in 2018. Furthermore, Distributed Lab CEO Pavel Kravchenko said that Bitcoin could become useless, but his position was conditional on some conditions.
U/Substantial-Ad-5012 is not the only one willing to purchase Bitcoin in the event of a precipitous price drop. Entrepreneur Alistair Milne has previously expressed similar intentions, as shown by his 18.52 million BTC buy order last year. After the March crypto market collapse, Binance CEO Changpeng Zhao tweeted in 2020 that the commodity will not reach zero because he planned to invest 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 causes that may result in Bitcoin’s overall price deflation include attacks on the global power supply or the annihilation of all technologies on Earth. However, in the case of a catastrophic catastrophe, the commodity has several protections in place, like a satellite-based infrastructure that protects Bitcoin’s blockchain.
At the time of publishing, Bitcoin was trading around $58,000.