Since Bitcoin began to gain popularity it has always been argued and wagered that it will eventually die. What is a bubble, what is a fool’s trap, and so on. So far it has not happened. However, there are those who claim to have the power to defend Bitcoin if it falls to zero and raise it, and this is what this particular Reddit user seems to affirm.
The thousand announced deaths of BTC
Over the years, many proponents of traditional finance have predicted the eventual demise of Bitcoin. Peter Schiff has almost made it a flag. In 2020, Jim Rogers, a notable investor, said that he expects a future price of $ 0 for BTC. In 2018, Bill Harris, former CEO of PayPal, also predicted a price of $ 0. Funny, right? PayPal is now one of the platforms that accepts Bitcoin.
So far CoingGecko estimates the total number of BTC mined from the genesis block to be around 18,677,925. In the unlikely event that Bitcoin falls to $ 0.01, it would cost just $ 187,000 to collect each coin in circulation.
But of course, it should be considered that it is estimated that around 20% of all mined BTC are inaccessible for different reasons. Therefore, if someone has that amount of dollars, they could accumulate Bitcoin, an unlikely scenario. This is the fact highlighted by the Reddit user who claimed to be Bitcoin’s savior in an eventual dramatic crash.
Who is the Reddit user claiming to defend Bitcoin if it drops to zero?
On the r / Bitcoin subreddit, Reddit user u / Substantial-Ad-5012 posted a thread titled, “Bitcoin will never hit zero in my life.” Why? “Because I am willing and able to buy all mined BTC at 1 cent each,” the user explained, adding, “Next time a BTC skeptic brings up the argument that Bitcoin is going to zero, let him know that a rate from Reddit randomly on the internet said they won’t let that happen. “
U / Substantial-Ad-5012 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 of 18.52 million BTC in 2020. Also, after Black Thursday in March 2020, Binance CEO Changpeng Zhao also mentioned that the asset did not reach zero, due to your intention to buy before that date.
Let’s imagine for a second that Bitcoin reaches zero, would companies that have invested millions in the cryptocurrency let it stay that way? Will this user on Reddit be the only cryptocurrency savior? Would someone like Changpeng Zhao throw in the towel?
It seems unlikely, and it’s a scenario that doesn’t seem to keep those who believe in Bitcoin awake. Right now, BTC is struggling to break above the psychological level of 60K, well away from zero.