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Sorry to dredge but cryptocurrency currently has a $3.74 Trillion market capitalization. So supposing BTC goes to $0-$1000, where do you see all that money going?
thegreatbelow-
Why does it need to go anywhere? Most of the market cap doesn't actually exist.
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where do you see all that money going?
i don't understand the question - it would go to the same place all market gains come from and losses go to.
as tertius says above, the huge majority of it is unrealised gains so it isn't "real" money in any case. it would mean that guy can stop looking for his hard drive, among other things.
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Same place the money goes when a stock goes to $0-10, disappears. Stocks, commodities, crypto all operate the same - you essentially hold a ticket for X at X price, if price goes to 0 or low you’re left with an expensive piece of paper saying what you own.
I still believe BTC will likely die a slow death, it can’t operate in any capacity as a trusted financial instrument. It’s volatility means it’s not suited for backing the fed, it’s anonymity works great for money laundering/drugs/organised crime, it’s only selling point is washing money. It was created as an instrument away from traditional banking institutions yet banks and hedge funds are now onboard using it to generate profit. I think FOMO is a massive part of price drive along with the ‘scarcity’ angle - but the idea that it could back government currency is insane, you don’t know how many people in the world own X of bitcoin, some long term holder could sell and cause a run on the price, and the governments lost million/billions.
MSTR is even weirder- buying it through coinbase, seems his only angle is using interest free money to buy up as much bitcoin as possible, in the hope to corner the market and drive price higher?
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To expand on what others have written.
The money has already been spent, when the whatevercoin / digital asset was purchased.
Imagine starting from scratch. I make a single shitcoin, I sell it to you for 100,000 national central bank backed currency units. It then is discovered to be worthless (for whatever reason, nobody wants any of it) - you're left with nothing, I'm left with 100,000 CU.
For every BTC that drops to zero, there will be a balancing $100,000 in someone's bank account (except for the coins mined and held by the miners).
tertius
ChasnotRobert
Noodlelegs
NotThamesWater
I wasn't really predicting something, just observing that bubbles often are not perceived to be bubbles.
But for fun: 2035 - somewhere between $1,000 and zero.