The price of Bitcoin (BTC) can collapse hard, but not so hard that it ends up costing USD 0, because one man will buy everything.
In tweets from July 9, Bitcoin’s enterprising, upwardly mobile Alistair Milne revealed that he had placed an order for 18.52 million BTC (USD 174 billion), more than the current supply, on the Bitfinex exchange.
Peter Schiff predicts that gold will rise like the “moon”, and Bitcoin will collapse
Milne: I’m buying all the Bitcoin for 1 cent
In what seems more an ironic than a worrying gesture that Bitcoin is in a big slump, Milne uploaded a screenshot of the Bitfinex order book.
“I hereby confirm that #Bitcoin will never reach zero (at least in @bitfinex),” he wrote.
“I buy them all at $0.01.”
To complete the purchase, Milne will need the princely sum of USD 185,200, currently equal to 19.7 BTC if she chooses to reserve a portion of her holdings for such an eventuality.
Bitfinex orderbook showing Alistair Milne’s buy order for 18.52 million BTC. Source: Alistair Milne/ Twitter
Bitfinex order book showing Alistair Milne’s purchase order for 18.52 million BTC. Source: Alistair Milne/ Twitter
Bitcoin at USD 0: a hard sell
Despite the overwhelming probability that Bitcoin will not fall anywhere near zero thanks to the network’s incentives, cryptomoney is not without its categorical detractors.
As Cointelegraph reported, gold defender Peter Schiff remains among those who believe that Bitcoin is finally falling, while the gold will win.
Peter Schiff will start buying Bitcoin when its price reaches $50,000, according to Max Keiser
Other critics may not be as confident as they once were. In 2018, former PayPal CEO Bill Harris claimed that Bitcoin was destined to cost USD 0. Two years later, rumors began to spread that PayPal was about to integrate crypto payments.
One of the most loyal non-technical monitors in the Bitcoin Millionaire sentiment industry, the 99bitcoins Obituaries column, currently has 381 instances of Bitcoin’s “death” on record.
Its most recent entry is from Cointelegraph, which reports on the doubts of veteran U.S. investor Jim Rogers about Bitcoin. Following his words, RT’s host, Max Keiser, stated that he and Schiff would buy large amounts of BTC once it reaches USD 50,000.