Former deputy governor, BOE believes Bitcoin can drop to zero. I wonder what his opinion is at the moment.
"Their price can vary quite considerably and they could theoretically or practically drop to zero." Jon Cunliffe saiid.
And what's the different between theoritical and practical drop to zero for BTC?
Can the price theoritically drop to zero but practically trade above $40k. Kinda confusing.
Theoretically? Yes, but practically No, at least in this current time line.
Bitcoin has just got too huge of a volume in daily trading. A lot of people are trading with crypto globally and each of this trades are most probably going to involve bitcoin. That could only mean one thing, as long as there are people who own, buy, or sell bitcoin, the chances for it to become zero definitely NONE.
If theoretically, something catastrophic happens that eradicates the use of internet, that I think would cause bitcoin to lose it's value. But then again the root word there is "theoretically" which means, very unlikely to happen.
I wouldn't take away the possibilities of bitcoin going zero, but at least not in the next 50 years or whichever year it falls when all of bitcoin has been mined.