BTC can Disappear. The Main Scenarios.
The imminent death of BTC has been predicted many times, but the main digital coin continues to exist and grow in value. How realistic is it to destroy the asset, and how can this happen?
Table of Contents
Nearly 400 Bitcoin deaths
99bitcoins.com counts all the mentions of bitcoin’s “funeral” in the media. By August 10, 2020, this had happened 381 times. One of the latest predictions of the imminent death of bitcoin is the statement of economist Peter Schiff, who called BTC a “sinking ship” going to the bottom.
Satoshi Nakamoto – the main threat to Bitcoin?
Bitcoin creator Satoshi Nakamoto can own at least 750 thousand BTC. If he wants to cash them out, it will be a big threat to the crypto market. In this case, the long positions of thousands of traders will be liquidated, and the suddenly increased supply of the coin will bring down its value.
China is the BTC invader
Cryptocurrency allows transactions to bypass banks, which makes it difficult to track financial flows. China has been campaigning against bitcoin for years. To destroy it, the government can turn to miners – there are enough miners in the country to carry out a 51% attack.
Governments against cryptocurrencies
To destroy bitcoin, governments can open short positions in the first cryptocurrency and bring its price down below $ 1000. This can lead to the fact that most people lose interest in the asset.
A bug that can destroy cryptocurrency
There is a bug in the bitcoin network that can lead to a network stop. Users will not be able to send transactions, and miners will not be able to add blocks. However, this will not happen until 2106.
The main savior of BTC
The bitcoin rate will never fall to 0, at least on the Bitfinex exchange. Altana Digital Currency Fund CIO Alistair Milne placed an order on the site for the purchase of BTC at $ 0.1. The order contains an amount of $ 185,200. At least 18.52 million BTC will be required for its execution, which is higher than its current issue.
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