Bitcoins polarizing effect has people on the both end of scale either proclaiming it is going to the moon or it is going to the ground even zero ironically no one says Bitcoin is going to be 6000 in the future the volatility is very high though it's upside in the last few months drastically this new and revolutionary monetary system that Bitcoin can potentially become no one can really predict but a sum has gone on the idea that bitcoins going to the zero seems more and more far from reality at least on my opinion a number of commentators just recently when Bitcoin has been booming last year he'll come forward with predictions of doom and gloom warning investors that this new system of money and investment opportunities will fall to the ground which it actually has well nuts the ground but more than 60% decrease is still quite unpleasant Bitcoin recently passed is 10 years birthday happy birthday Bitcoin from late 2009 Bitcoin has gone from being worth zero all the way to twenty thousand dollars last year on ninth birthday so as we see it with the price lower that many people woul have hoped is it theoretically possible to think it can reach zero
IMG SRC
It is going down
It does not matter if it skeptical friends around the dinner table or Warren Buffett himself the prediction that bitten will go to zero often come up as a counter punch so all the positive moves that cryptocurrency and Bitcoin are making currently bitcoin is a knockdown trying to get up and continue to fight well at least in terms of the price action being a new and unprecedented ecosystem which operates in such establish ecosystem as finance and money it is fascinating to watch how volatile acid advances one day eats up one day it's down but what makes people think it will fall altogether
In early February when Bitcoin was crashing down $36,000 the chairman of Rubin macros Associates Nouriel Roubini also known as dr. doom for his promising economic outlooks made a bold claim as expected bitkha now crashes below 6,000 dollars now the $5,000 scandal is reached and US Congress hearing on the crypto scam is still a day away hodl nuts will hold the malicious Bitcoin all the way down to zero wireless cameras and will dump and run
He also claimed that he is optimistic about blockchain technology however the separation of blockchain and Bitcoin by investors and institutional's money in flow the wrongly brought up over and over again that blockchain over Bitcoin the reality is blockchain and Bitcoin are tied up to the hip so I do not really know what he's talking about there have been big moose by some major global banks to try to get an efficient creep the trading desk that their customers can use and that they can be partly to offer up and running banks are looking to jump on the cryptocurrency bandwagon because the demand from customers is very very high so often the breaks of Bitcoin and cryptocurrencies adoption are starting to come around with Dutch government being a good example who have this is happening just in last few months it was reported that Dutchman history of economics offerings and climate policy had created a unit tasked with researching a further development of blockchain technology across the globe
While its adoption continues to grow and becomes more useful other technology and financial system in everyday life Bitcoin and crypto currency as well as blockchain technology becomes harder and harder to simply move on from but even more than that now that is becoming established it also showing that it is hardly to kill Bitcoin let's say then a stock it's acknowledged death fades out countless other companies which can die
Many people will compare Bitcoin to a company or stock which theoretically can go to zero as a reason not to invest in it
However bitcoin is not an equity it is more of a commodity plus it is decentralized and autonomous there is no one-man group of board of directors that can run into the ground
On the same note it is also impossible to stop it as regulators are finding out with the likes of China and other countries the trying to ban Bitcoin outright they are discovering that they are not fighting anything tangible because bitcoin is unchangeable money but Bitcoin also adopts to evolving and adapting again based on its intrinsic value it is governed by majority votes and as things change and challenge the community choose the path the best for bid for survival there are many battles and civil wars along the way but ultimately the advancement of Bitcoin are for its survival
Finally even big sceptics all beat going and cryptocurrencies pace are finding it very hard to break potential old blockchain technology some like try to differentiate cryptocurrency and blockchain but they are mistaken in that sense
Jehan Chu co-founder of Kranti Capital a firm working third spreading the adoption of blockchain technology is also of the opinion that this new system is something that is fixing the problem of the past truths old coin Telegraph Bitcoin will never go to 0 because it is a hedge against falling currencies in efficient economics and increasingly system inequality Bitcoin represents the currency of the better future for society and people will allow invest in their future
By speaking theoretically despite that bitcoin is a hedge against current monetary system I believe Bitcoin will not go to 0 and here is why
The total amount of Bitcoin that was created by Satoshi Nakamoto in 2009 is estimated to be around 21 million BTC this means that there's an upper bound of bitcoins and people cannot find more than that number after those 21 Millions around 17 millions here already been mined as of the current date this number changes every 12 minutes as black gets mind with every block 12.5 BTC get into the circulation if we go at the current rate of mining a total of 21 million BTC will be mined by the year of 21 40 which is more than 100 years from today
As per study by chain analysts a group that mainly works for building trust in cryptocurrencies space yes point out that a total of 4 million bitcoins were lost forever however there is still around 3.1 million to be mined and the time is limited is said to be around 100 years adding Satoshi Bitcoin to that is interesting task because no one really knows for sure which addresses belong to Satoshi for the sake of argument let's say that he has originally mined 1 million BTC that would be almost 5% of the total market supply some studies showed that his wallet is not accessible any longer therefore we can conclude that 5 million BTC hell no access - but what does this mean it means that no one is capable to sell or dump those bitcoins into th market and drive the price down so if this is theoretically not possible it is very unlikely that Bitcoin itself can go to zero