An order to purchase 18 million BTC at $ 0.01 has been placed on the Bitfinex cryptocurrency exchange. Such an order is unlikely to ever be executed because there simply is not and will never be such some BTC on this website. But let’s look at a situation in which Bitcoin price drops to zero. Is this even possible theoretically?
One of the very popular theories is the first cryptocurrency was created in a secret CIA bunker. It is possible that Dorian Nakamoto, Nick Szabo, and other candidates for the role of Satoshi Nakamoto worked together on this project. At the same time, they can’t recognize the details because of the danger of disclosing state secrets. And the well-known Faketoshi, Craig Wright, also has its place in this story. His role is to distract everyone from the search for the real creator.
We can suppose that Bitcoin is indeed a CIA project that was created as a replacement for the US dollar because they needed to crank up illegal transactions and not substitute the US government. Therefore, they came up with cryptocurrencies, and it is for this reason that the United States is one of the most loyal countries in relation to Bitcoin.
There is a question: are you ready to sell your BTC if it turns out that this is a CIA project? It is clear that such news will inflict a huge blow on Bitcoin reputation, states of different countries will immediately begin to introduce bans, and the cryptocurrency market will roll down. But then this process will stop, and we are unlikely to get to zero because the CIA could in theory create BTC, but they cannot control it.
After all, Bitcoin network is decentralized as much as possible, and the truth about its creator now rules little.
Ambitions to become a substitute for Bitcoin have not only in young projects but also, for example, in Ethereum.
Ripple supporters and their XRP also have a lot of abuses. They generally believe that this is not just the best cryptocurrency, but the future reserve world currency instead of the US dollar.
But since today we are analyzing the bad scenarios of Bitcoin’s future. Let’s just imagine that some other cryptocurrency overtook Bitcoin by capitalization, for example, TRON.
However, we believe that the presence of Bitcoin forks and similar projects called “payment network” on the cryptocurrency market proved that in this aspect Bitcoin does not and will not have competitors.
But as for the blockchain platforms that Vitalik Buterin gave birth to, then with the right number of users, the price can increase significantly. As a result, Bitcoin will no longer be the TOP-1 cryptocurrency in terms of market capitalization.
This will be an unpleasant coincidence, but it is completely fearless, it is unlikely to force people to abandon a reliable means of saving value.
Therefore, Bitcoin is unlikely to drop to zero again. It just won’t take the first place in the CoinMarketCap rating. Besides, it is still unknown who will benefit more from the popularity of blockchain platforms such as Ethereum, because the demand for tokenized BTC is quite large. That is, official tokens or one can even say native cryptocurrencies of such platforms may not grow in price, but Bitcoin, on the contrary, will add by increasing the scope of acceptance.
If we reverse to the order of 18 million BTC for $ 0.01, is there any commercial sense in it?
Actually yes, because if the so-called Flash Crash happens. This is the time when the market instantly falls and returns just as quickly, then such an order may be partially executed. So, last year in August, Bitcoin at some point fell to $ 0.03 as a result of a failure, and orders for 48 coins were processed at this value, the profit from the transaction exceeded $ 3 million. cancel such operations, well, so as not to pay out of pocket. But theoretically similar situations are possible.
But what is possible in practice is the pressure of speculators on Bitcoin, which will not allow the market to continue the usual cycle and send the price to the moon. CFTC added cryptocurrency regulation to the list of tasks until 2024. It turns out that until this time we are unlikely to see objective regulation, therefore, the wild west will continue, and exchanges with whales will be able to further speculate on price at their pleasure.
Halving that took place on May 11 demonstrated that interest in this event was mainly among people who are already entering the crypto space. Perhaps they left the industry for a while, and then returned on occasion. And we are witnessing another decline in activity now, because two months have passed since the halving, and the price has not risen above $ 10,000.
And although the Stock to Flow model is still valid, according to this schedule, the time for growth is less and less. And without it, there will be no influx of new people, as a result of new money and further growth.
You will only be able to prepare for new ATH if Bitcoin price reaches $ 30,000, or even better $ 50,000. Until then, we will not get the proper level of hype, and the longer the market is not allowed to go up to at least $ 20,000, the more familiar models will deviate from the plans of bitcoin owners. And the more likely the scenario is that the bears can try to arrange another sale. Not to zero of course, but to halve the current price at least temporarily, yes, this is, unfortunately, possible, especially if with the cooperation of cryptocurrency exchanges and whales.
But even if now we become victims of enormous speculation, this will only delay the advent of Bitcoin to the moon. It will not be in 2022, but in 2025, for example, but most importantly, what will happen. You also need to take such a moment that it is unlikely that we will run to the moon until the issue with the 2020 crisis finishes, and it can also drag on for the next year.
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