Why Bitcoin Could Never Reach 0
As you know, we’ve been in a bear market since November-December 2021, and everyone is spreading FUD (Fear Uncertainty and Doubt) around Bitcoin going to $h*t for the reason that it dropped all the way from 69K to below 20K (which is more than 70%).
If you’re interested in Crypto, and Bitcoin especially, then you must continue reading this article.
Hello, it’s Mia, a.k.a The Crypto Lady. I’ve been in the crypto field for almost 2 years. Long story short, I’ve busted my hump learning and diving into Crypto and Trading for the past 22 months. I can say I;ve experienced the best and the worst days of the crypto market. But that’s a topic for later…
Why Bitcoin would not disappear or go to zero?
First: For Bitcoin to go to zero, it means all the entire circulating supply will be sold instantly, or in batches without anyone buying at the front end. What are the odds of that happening? Calculate the probabilities..
Did you know that the Bitcoin network/Blockchain has between 2.78M — 3.79M bitcoin lost? And by lost I mean there are people who forgot their private keys when they bought bitcoin for less than a dollar, or less than 10, or whatever..
Bitcoin circulating supply is 19,177,862.00 BTC as stated by CoinMarketCap.
So literally you cannot have acces to those lost coins in order to sell them with the others. So that’s the first valid reason for bitcoin not going to 0.
Second: for the Bitcoin network to shut down completely, we need all the bitcoin miners to be shut down at the same time, all around the globe, and by that I mean not a single miner will be left to add more supply to the circulating.
PS: There are people in Iceland who heat their houses using Bitcoin miners, also swimming pools. (lmao)
Well it’s a win-win situation, heat your homes and get BTC for free.
Even Elon Musk was considering to heat satellites with using miners. (in space it’s very cold)
Check this out:
Source: https://www.heatbit.com/
Again, what are the odds of all the miners to shut down?
Third: The 2018 cryptocurrency crash (also known as the bitcoin crash and the Great crypto crash)
“It’s Going Down”
In early February, when Bitcoin was crashing down toward $6,000, the chairman of Roubini Macro Associates, Nouriel Roubini — also known as “Dr Doom” for his pessimistic economic outlooks — made a bold claim:
“As expected Bitcoin now crashes below $6000. Now the $5K handle is reached. And the US Congressional Hearing on Crypto-Scams is still a day away. HODL nuts will hold their melting Bitcoins all the way down to ZERO while scammers and whales dump and run…”
— Nouriel Roubini (@Nouriel) February 6, 2018
Source: https://cointelegraph.com/news/mythbusting-why-bitcoin-can-never-go-to-zero
Later that year, Bitcoin overpassed $10,000.
3 years later with all the bulls and crashes, Bitcoin reached $69,000 in November 2021.
History repeats itself. Many economists, businessmen, are saying today that Bitcoin will never be the same as Gold. It’s always about big whales selling everything, pumping and dumping, manipulating the market. I’m not denying the fact that what the whales are doing is true, but don’t forget, all 5 fingers are not the same. There are buyers and whales at the other end buying Bitcoin while the others are selling.
And here we have our fourth reason: Supply and Demand.
We will always have supply and demand running in the market.
That’s it folks.
I hope you liked this article.
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