Bitcoin (BTC) can crash hard, but not so difficult that it ends up costing $0 — because one man goes to buy all of it.
In tweets on July 9, entrepreneur and outspoken Bitcoin bull Alistair Milne revealed he had placed an order for 18.52 million BTC ($174 billion) — more than the existing supply — on exchange Bitfinex.
Milne: I’m buying most of the Bitcoin at 1 cent
In what appears to be more a tongue-in-cheek gesture than concern that Bitcoin is set for a major fall, Milne uploaded a screenshot of the Bitfinex orderbook.
“I hereby confirm that #Bitcoin will never go to zero (at least on @bitfinex),” he wrote.
“I’m buying them all at $0.01.”
In order to complete the purchase, Milne will require the princely sum of $185,200 — currently equal to 19.7 BTC if that he chooses to set aside some of his holdings for such an eventuality.
Bitfinex orderbook showing Alistair Milne’s buy order for 18.52 million BTC. Source: Alistair Milne/ Twitter
Bitcoin at $0 — a hard sell
Despite the overwhelming likelihood that Bitcoin will not in reality drop to anywhere near zero thanks to network incentives, the cryptocurrency just isn’t without its vocal detractors.
As Cointelegraph reported, gold bug Peter Schiff remains those types of who think that Bitcoin is ultimately heading down, while gold will win out.
Other critics may no more be as sure while they once were. In 2018, ex-PayPal CEO Bill Harris claimed that Bitcoin was destined to cost $0. Two years later, rumors began spreading that PayPal was actually about to integrate cryptocurrency payments.
One of the industry’s most faithful non-technical monitors of Bitcoin sentiment, 99bitcoins’ Obituaries column, currently has 381 recorded cases of Bitcoin “dying.”
Its newest entry is from Cointelegraph, reporting on veteran U.S. investor Jim Rogers’ misgivings about Bitcoin. After his words, RT host Max Keiser claimed that both that he and Schiff would eventually buy up huge amounts of BTC once it hits $50,000.