Can Bitcoin Drop to Zero?

[OddJobsForBitcoin]

Former deputy governor, BOE believes Bitcoin can drop to zero. I wonder what his opinion is at the moment.

"Their price can vary quite considerably and they could theoretically or practically drop to zero." Jon Cunliffe saiid.

And what's the different between theoritical and practical drop to zero for BTC?

Can the price theoritically drop to zero but practically trade above $40k. Kinda confusing.

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[Johnyz]

Can the price theoritically drop to zero but practically trade above $40k. Kinda confusing.

Theoretically yes since it happened already in some projects but considering the trend and the demand for Bitcoin, I think we will not see Bitcoin in that kind of level as this is already part of the financial system though as time goes by Bitcoin might be replaced by something and its to know what it is.

For now, better to enjoy Bitcoin while it is still there and make profit as well, the market is getting better and you should not focus on the negative side, be more optimistic and hold more Bitcoin.

[EL MOHA]

And what's the different between theoritical and practical drop to zero for BTC?

Can the price theoritically drop to zero but practically trade above $40k. Kinda confusing.

When someone says that something can theoretically happen then they are mostly placing it on numbers for example when a probability to do something is extremely high in numbers  but there is certainly a number to get it done although not realistic they simply place is as theoretical possible but can’t happen in sooner future or even reaching that numbers seems impossible.

I wouldn’t brag about bitcoin here but Jon Cunliffe doesn’t know what he is talking about seriously, the only time a thing gets to zero in price is when it is worthless and not in use again, if this was to be a case then bitcoin wouldn’t have persisted this years. Bitcoin can only get to zero when people abandon it and don’t use it Again, do you think people will throw away there bitcoin which they purchase currently with such a high fee? I strongly doubt not when people are already treating it as an investment, some even have retirement savings on it. I think bitcoin is just like the precious metals we have I don’t think will be worthless, even so not in a bear future now maybe years after mining has even ended

[Stalker22]

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And what's the different between theoritical and practical drop to zero for BTC?

I mean, sure, theoretically anything can happen. We could face a nuclear catastrophe, our sun could go supernova, or an asteroid could collide with Earth and wipe out all life.  Or, Bitcoin could just up and tank to nothing someday.  But realistically that is not happening anytime soon.  For BTC to completely crash, some wild stuff would have to go down.

[mk4]

For bitcoin's price to reach literally zero, there would have to be literally zero buyers. Like, literally people should be dumping with zero bids all the way down. If you think that bitcoin can get to a point where that certain bad of a scenario can happen, then I sure I guess.

[Dr.Bitcoin_Strange]

Yes, it can, but that will only happen when the world is finally over, when humanity has finally disappeared from the world.

Secondly, it can happen when every exchange has collapsed and there is no longer a market for Bitcoin, cryptocurrencies, or any blockchain asset.

[adaseb]

I think bitcoins chance of going to $0 is much lower than the stock of a publicly traded company. Look how many companies go bankrupt and they have pretty close to $0 a share valuation.

Since bitcoin is not a company it can’t go bankrupt however it’s possible some bug could be discovered or some exploit and cause someone to print 1Billion bitcoins and market sell them all, this actually happened when Bitcoin was new but they forked and fixed the issue, I think satoshi was working on it when it happened.

So it’s possible but not likely.

[kotajikikox]

Yes, it can, but that will only happen when the world is finally over, when humanity has finally disappeared from the world.

Exaggerated  but correct  because The humanity will be zero for bitcoin to go zero value and even how  we look at it? bitcoin will exist and have value forever.

Secondly, it can happen when every exchange has collapsed and there is no longer a market for Bitcoin, cryptocurrencies, or any blockchain asset.

exchange will collapse when people stops using them and for that to happen people must stops using bitcoin also so that is the consequences and the only possibility to happen for bitcoin reaching zero value.

[rat03gopoh]

Try offering your bitcoins to isolated residents of the Amazon jungle today, they will charge $0 for it because their bitcoin literacy is also 0.

[Ayers]

Yes, it can, but that will only happen when the world is finally over, when humanity has finally disappeared from the world.

Exaggerated  but correct  because The humanity will be zero for bitcoin to go zero value and even how  we look at it? bitcoin will exist and have value forever.

Secondly, it can happen when every exchange has collapsed and there is no longer a market for Bitcoin, cryptocurrencies, or any blockchain asset.

exchange will collapse when people stops using them and for that to happen people must stops using bitcoin also so that is the consequences and the only possibility to happen for bitcoin reaching zero value.

I see you are even more exaggerated than what Dr.Bitcoin_Strange said. To be fair, bitcoin or gold can both become worthless and whether that happens or not depends on human needs. If we find something better than gold or find a large amount of gold or we create a currency that is better than bitcoin...then maybe we don't need them anymore, anything can happen. But that's about the future while we're living in the present, so let's enjoy what's happening now instead of thinking about things in the distant and unclear future.

[Frankolala]

The chance of bitcoin price dropping to zero is very slim. The only way this can happen is if government in all the countries ban bitcoin, and there will be no one using bitcoin again because what controls the price of bitcoin is demand and supply.

Apart from this it is impossible. There will be no disaster that will happen on earth that will wipe out human race as God will not allow that to happen since we are his hand made.

However, if a new technology comes out in future, that gives better potential than bitcoin, it might likely happen as people will dump bitcoin for it.

[Mpamaegbu]

And what's the different between theoritical and practical drop to zero for BTC?

To the best I can explain this – theoretical is idealism while practical is realism/reality.

Can the price theoritically drop to zero but practically trade above $40k. Kinda confusing.

If you believe in practicals you won't be bothered with naysayers, honestly. If I knew what I know now, I wouldn't have make some school boy errors I made in the past by adhering to what supposed "crypto experts" and influencers said. So, the question to the exwhile deputy should've been what would make Bitcoin go down that abysmally to zero. For me, without anything concrete from these naysayers as evidence they will just be wasting their time attempting to blink in a dark tunnel.

[Nrcewker]

Practically it is cannot possible. Let me give you a short example which will easily solve your doubt. The reason for which Bitcoins cannot go down is that, as soon as the price falls, people will try to accumulate the coins. For them these rare coins will be available in cheap, and hence they will buy as many as they can. In this manner the demand to accumulate the coin will increase, and as we know that Bitcoins are limited in number, hence in order to fulfil the demand the price will go up.

[YOSHIE]

Can the price theoritically drop to zero but practically trade above $40k. Kinda confusing.

OP's question can be said to be a difficult question to answer, maybe I have read and seen the question about Bitcoin 'going to zero' many times, but I haven't found the right and perfect answer, it always leads to the scenario.

For example: as I read and know.

Could bitcoin’s price ever go to zero?
It is theoretically possible. It is very debatable as to whether there is any realistic likelihood of this though. Bitcoin has been around for close to 15 years now, and has survived several dramatic crashes before making new highs.

It could be reasonably argued the ‘go to zero’ scenario would have happened already if it was going to.

It would seem that some form of ‘black swan’ event that fundamentally shifts the picture would be required for this to happen quickly. One guess is as good as another in terms of what could prompt such an occurrence.

Resources.

That's what can be answered for now, regarding the OP's topic, the conclusion is that there is no answer that can be certain, it may or may not be.

[Sunderland]

Theoritically yes,  practically no - at least not in this century.
Some said it might happen because in the future a Quantum Computer will be able to crack Bitcoin privkeys, nah it can be solve by migrating to a new chain with stronger encryption or make the chain resistant to certain threat.
In the end, BTC chain will be always able to adapt.

[Zanab247]

Former deputy governor, BOE believes Bitcoin can drop to zero. I wonder what his opinion is at the moment.

That is the former deputy governor opinion towards BTC and his opinion can't make the price of BTC to come to reality for the price to dump to zero level which will not be possible at this stage the price of BTC gotten to in the market. Don't forget that some politicians use their prediction to deceive some people some time but if you are not careful, you will be avoiding BTC base on some of the negative things they told you about BTC.

Can the price theoritically drop to zero but practically trade above $40k. Kinda confusing.

Theoritcally or practically, don't expect the price of BTC to dump to zero before you can buy and hodl, because the way you sound right now show that you have interest on BTC investment but the words of your former deputy governor is driving you to unknown destination that will make you to miss your opportunity when the price of BTC hit back $69k.

[ajiz138]

No...! I will assume the former Governor doesn't like bitcoin, if he is pro then he will say otherwise.

Theoretically it might happen to zero price but not sure especially with large volumes, but practically bitcoin is still strong and difficult to dispose of especially now that it is traded at a high price.

So I say don't believe bitcoin back to zero.

[bestcoins1]

Former deputy governor, BOE believes Bitcoin can drop to zero. I wonder what his opinion is at the moment.

"Their price can vary quite considerably and they could theoretically or practically drop to zero." Jon Cunliffe saiid.

And what's the different between theoritical and practical drop to zero for BTC?

Can the price theoritically drop to zero but practically trade above $40k. Kinda confusing.

Don't confuse your mind with other people's words that have theoretically been said without any consideration . Actually there could be two reasons why he said that, the first is because he really doesn't like Bitcoin. And secondly he probably doesn't have much money to buy more Bitcoins so his mind becomes confused and says things like that so that other people will think the same as him, so that other people will make comparisons and will confuse themselves for no reason.

[Jating]

Former deputy governor, BOE believes Bitcoin can drop to zero. I wonder what his opinion is at the moment.

"Their price can vary quite considerably and they could theoretically or practically drop to zero." Jon Cunliffe saiid.

And what's the different between theoritical and practical drop to zero for BTC?

Can the price theoritically drop to zero but practically trade above $40k. Kinda confusing.

Of course everything can go to 0 in crypto. But the thing with BTC is that it's too big to fall right now. I mean it has the consensus support of the majority of crypto enthusiast, and the question is, at what event will it go to 0 though?

We have the pandemic in 2020 wherein it's global, but we didn't see BTC going to 0 although it went as low as $3k but bounce back that year and we even have a all time high at 2021. So I would say that don't believed such statement. Perhaps those kind of individuals have some narrative behind why they want BTC to drop 0. But majority here will agree that those scenarios are unlikely.

[rhomelmabini]

Can the price theoritically drop to zero but practically trade above $40k. Kinda confusing.

Yes it's possible if no one would really use it anymore but everyone has their own opinion and he's not just that fond of Bitcoin. There's nothing confusing in it, he just share his opinion that there's possibilities that it may drop to zero but right now it's still trading so you basically can see it's still on $40k.