Bitcoin to $0? Peter Schiff explains how

Sahana Kiran
Source – Unsplash

The world’s first and largest cryptocurrency, Bitcoin [BTC] has an array of fans across the globe. Along with these fans, the crypto market is infiltrated with haters as well. Gold bug Peter Schiff has time and again expressed hostility towards BTC. Now, the prominent gold advocate took things up a notch and laid out the chances of the coin plummeting to zero.

As Schiff’s war against Bitcoin persists, he predicted that the asset had the ability to reel all the way down to zero if it disrupts its support at $30k. He pointed out that BTC could then fall to $10k which is claimed to be the asset’s permanent floor price. However, he believes that this could easily be damaged further sending off Bitcoin to zero. He tweeted,

The whole Bitcoin vs Gold argument has been going on for years now. Both these assets share similar properties. Bitcoin is often compared to gold primarily because they are considered to have a great store of value. Additionally, the limited supply, the properties of sound money have all added to this narrative.

Yet, Schiff has been advocating gold as the most sought-after investment. In the same thread, he blatantly questioned the value of Bitcoin. He further asked the community why the world’s largest crypto would be used in the future while it isn’t being used in the present itself.

Bitcoin can never dip to zero; Here’s why

The first cryptocurrency made its debut in the financial world more than a decade ago. Even though the asset had a rocky start, prominent firms across the globe are now accepting or supporting Bitcoin. The coin and its underlying technology have just taken off and its chances of even dipping below $10k were widely snubbed.

The decentralized nature of BTC makes it almost impossible for a group of people to push its price down to a certain level. Even if significant firms do so, BTC traders are likely to jump back into action.

Despite the emergence of Altcoins, certain individuals continue to remain loyal to the OG cryptocurrency, Bitcoin. As they continue to HODL, the chances of them selling irrespective of the coin’s price change can be negated.

With a market cap of about $806 billion, the investors of Bitcoin had too much at stake and would not even let the asset sink to its “permanent floor price” of $10k.

Good news for BTC investors?

Unlike Schiff, the on-chain analytics firm, Sanitment had positive things to say to Bitcoin investors. The platform noted that despite the slight decline in the asset’s price, its active addresses hit a yearly record. This was reportedly a good sign for BTC with regards to its price.

Commemorating Valentine’s Day, the entire crypto market turned red and so did BTC. The world’s largest cryptocurrency, at press time, was trading for $42,548.61 with no major fluctuations in its price over the previous 24-hours.