There has been an ongoing debate about the potential for Bitcoin to be worth $0, seeing as the asset was created from nothing and has nothing tangible to derive its value from. As Bitcoin has grown, become more normalised, and legitimized, these fears seem less and less real, but now there is proof that the coins will never go to zero.
Entrepreneur and outspoken Bitcoin bull Alistair Milne has taken to Bitfinex to palace a massive order for 18.52 million BTC. However, he has put the buy order at $0.01 in order to save the coin from going to zero, but also as a symbolic gesture more than anything.
Currently, there are about 18.5 million coins in circulation and so if the price was to suddenly drop to these low levels, Milne would suddenly own every coin in circulation, and also ensure that the price on the exchange — that also does not hold 18.5 million BTC — does not go bust.
It is highly unlikely that Milne is truly planning on owning all the Bitcoin should they reach this level, or is necessarily stepping in to stop them from going to zero, but the symbolic gesture paints a picture of one that proves Bitcoin is not going to disappear to worthlessness.
In order to complete the purchase, Milne will need to keep aside $185,200 — currently equal to 19.7 BTC. For this gesture to stick, the bull will have to tie up a rather decent amount of cash.
Bitcoin has been predicted to be going to zero, or ‘dying’ on a number of occasions over the years. Recently, these predictions have eased off, despite there still being vocal detractors who still believe it, like Peter Schiff.
But, 99bitcoins’ Obituaries is one good resource to track the amount of times that people have said that Bitcoin is going to zero — it is currently sitting on a record of 381 proclamations of Bitcoin’s death.
While the predictions have eased off, the latest one is still tied back to June of this year, investor Jim Rogers said cryptocurrencies including Bitcoin will be in decline eventually and everything will go to zero.”
“Those who use cryptocurrency think they are smarter than their governments,” Rogers said to AERA dot. “In fact, I think they are correct. But their governments have something that crypto people don’t have. That is guns. The reason why I think cryptocurrency will be gone eventually is that it is not based on the armed force of governments’ power.”