Every now and then, Bitcoin critics repeat the myth that the value of this cryptocurrency will drop to zero. However, this theory is unrealistic in practice, and this is why!
People will choose freedom
Bitcoin's enthusiasts will say that his course will be flown into space, opponents will deny it, claiming that he will fall to zero. An ordinary gray man who has never been in contact with a crypto market will quickly get lost in all this, being broken up between contrasting opinions. First of all, it is worth noting who makes such judgements, these are usually supporters of the traditional financial market and representatives of large banking institutions. One of the main advantages of Bitcoin is that it is in the hands of the community, no centralized institution can confiscate or block it. The anonymous creator of this cryptocurrency decided to give people a certain alternative that would allow them to control their own funds, without the interference of third parties, thus issuing a virtual currency independent of governments. It is the idea of freedom that makes so many people support and will continue to support Bitcoin.
Another issue is the deflationary nature of this cryptocurrency. Unlike fiduciary money, such as the dollar, the number of Bitcoins has been limited to 21 million coins - there will be no more or less. The same cannot be said of traditional currencies, which are constantly being printed by central banks, which consequently dilutes their value.
The number of BTC users is growing
The current price of Bitcoin is about $9,140. Therefore, it is far from the mentioned bottom. The chances of his rate dropping so low are very low. Let's note that more and more people are buying cryptocurrencies, institutional investors are also doing it. So it is unrealistic for all users to suddenly start selling out their Bitcoins.
This cryptocurrency has already collapsed many times, but there have always been people in the market for whom the price drop was a great opportunity to buy cheaply. The last big correction took place in early March this year. Bitcoin lost half its value then. Bitcoin, however, made up for all the losses, becoming one of the few assests that rose so quickly after the panic caused by the coronavirus.
Young people bet on technology!
Usually, negative opinions about Bitcoin come from people who don't understand how cryptocurrencies work and are afraid of technology. They are usually elderly people whose progress is simply overwhelming. This phenomenon is confirmed by the results of this year's public opinion poll conducted by The Tokenist. While more than 90% of older people have shown greater trust in banking institutions, the younger generations had quite a divided opinion, heading towards Bitcoin.
Looking at all these factors, we can conclude that the price of Bitcoin will never fall to zero!