Bitcoin Price Will Never Hit $0: Here's Why

Crypto Entrepreneur Alistair Milne revealed he placed an order for 18.52 million bitcoins at 1 cent per BTC on crypto exchange Bitfinex. In doing so, he assured the value of the world’s first cryptocurrency will never be zero.

The massive BTC buy order on Bitfinex was revealed by Milne on Twitter, who also took a screenshot of Bitfinex’ order book, revealing other buy orders on the same price range.

There are currently 18.40 million bitcoins in existence as of today, suggesting Milne is buying more than what’s in the current supply. Note that it could prove impossible as well for all 18 million bitcoins to be trading on Bitfinex.

Milne needs $185,200 to buy all Bitcoins at $0.01 apiece.

Milne is a known Bitcoin advocate although he said he does not claim to be a Bitcoin maximalist -- a person who believes only Bitcoin will succeed in the cryptocurrency space.

“The vast majority of blockchains and tokens serve no useful purpose other than to part you with your money,” Milne once said on Twitter.

He once gave away Bitcoin to a person who guessed the mnemonic phrase of his BTC address.

Cryptocurrencies are generally highly volatile, despite not being the case in the last few weeks. When Bitcoin crashed hard below $4,000 in March 2020, proponents of the “Bitcoin is worth zero” theory grew louder, convinced they could short Bitcoin all the way to zero.

In 2013, economist Eric Tymoigne said the fair price of Bitcoin is zero. In his article, he said Bitcoins are purely speculative assets. He repeated this in 2017, at the height of Bitcoin’s hype.

Europac CEO and gold advocate Peter Schiff is a major critic of Bitcoin and believes the value of the world’s first cryptocurrency will eventually go down.

Bitcoin has been declared dead and doomed 381 times, according to this article compiling all " Bitcoin Obituaries." As of July 20, 2020, Bitcoin is worth $9,141.