Bitcoin goes to zero? A Reddit user promises to buy all the mined Bitcoins

The crypto industry’s first blockchain-based asset has survived multiple speculative deaths since its launch in 2009. While it is true that Bitcoin (BTC) could theoretically crash by tens of thousands of dollars to zero, one Reddit user has pledged to buy all the ever-mined Bitcoins for just one cent each.

Yesterday, in the r/Bitcoin section of Reddit, Reddit user u/Substantial-Ad-5012 posted a post titled "Bitcoin will never go to zero in my lifetime." Why? The user explained: "Because I am willing and able to buy all the mined Bitcoins for 1 cent each." He added

“So, the next time a Bitcoin skeptic brings up the idea that Bitcoin will go to zero, tell them this guy on Reddit said he wouldn’t let that happen.”

CoinGecko estimates that the total number of Bitcoins mined since the genesis block is around 18,677,925. In the unlikely event that the price of Bitcoin does drop to $0.01, it would only cost $187,000 to buy all the Bitcoins in circulation — not counting the fact that some believe 20% of all Bitcoins are lost.

Over the years, many old-world financial figures have predicted that Bitcoin will eventually die, including gold proponent Peter Schiff. In 2020, famous investor Jim Rogers predicted that the future price of Bitcoin will be 0. In 2018, former PayPal CEO Bill Harris also predicted that the price of Bitcoin will return to zero. In addition, Distributed Lab CEO Pavel Kravchenko said that Bitcoin could become worthless, although his position depends on certain conditions.

U/Substantial-Ad-5012 is also not the only one ready to buy Bitcoin in the event of a rapid rise in its price. Entrepreneur Alistair Milne has expressed similar intentions in the past, placing a purchase order for 18.52 million Bitcoins last year. After the March 2020 cryptocurrency market crash, Binance CEO Changpeng Zhao also tweeted that Bitcoin would not fall to zero because he intended to buy before then.

Still worried that Bitcoin will drop to 0? No! As long as I have a penny, it won't happen. - CZ Binance (@cz_binance) March 17, 2020

Other factors that could cause Bitcoin to lose value include an attack on the global power grid or the destruction of all technology on Earth. However, Bitcoin does have some safety measures in place in the event of a major disaster, including a satellite system that maintains the Bitcoin blockchain.

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