Bitcoin worth zero? It seems quite unlikely
Crypto entrepreneur Alistair Milne revealed that he placed an order for 18.52 million Bitcoins at 1 cent per BTC on the cryptocurrency exchange Bitfinex. In doing so, he ensured that Bitcoin’s value will never be zero.
The huge purchase order for BTC on Bitfinex was revealed by Milne on Twitter, who also took a screenshot of Bitfinex’s order book, revealing other purchase orders in the same price range.
There are currently 18.40 million Bitcoins in existence, suggesting that Milne is buying more than what is in the current supply. Note that it may also be impossible for all 18 million Bitcoins to be traded on Bitfinex.
Milne needs $ 185,200 to buy all Bitcoins at $ 0.01 each. He is one well-known Bitcoin supporter, although he said he does not claim to be a currency maximalist – a person who believes that only Bitcoin will succeed in the cryptocurrency space.
“The vast majority of blockchains and tokens have no other useful purpose than to share your money,” said Milne on Twitter.
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He once delivered Bitcoin to a person who guessed the passphrase from his BTC address.
Cryptocurrencies are generally highly volatile, although this has not been the case in recent weeks. When Bitcoin fell far below $ 4,000 in March 2020, supporters of the “Bitcoin is worth zero” theory were more enthusiastic, convinced that could reduce Bitcoin to zero.
In 2013, economist Eric Tymoigne said that Bitcoin’s fair price is zero. In his article he said that Bitcoins are purely speculative assets, having repeated this in 2017, at the height of the Bitcoin hype.
Europac CEO and gold lawyer Peter Schiff is one of Bitcoin’s leading critics and believes that the value of the world’s first cryptocurrency will eventually fall.
Bitcoin was declared dead and convicted 381 times, according to this article compiling all “Bitcoin Obituaries“. On July 20, 2020, Bitcoin is worth almost $ 10,000