The first time Bitcoin reached one dollar was sometime in early 2011, if I am not mistaken.
A few important facts from that time:
Almost no one knew anything about Bitcoin at the time.
There were not many exchanges back then, so buying bitcoins was much more difficult than today.
In light of this, I find it virtually impossible for Bitcoin to reach that level again unless there is something fundamentally wrong with the cryptocurrency.
Topic: Would Bitcoin recover even if it fell to one dollar? - page 10. (Read 1495 times)
There are so many people waiting at the sideline to buy in it would be nearly impossible to drop that low.
If it would happen there will be probably some major malfunction in Bitcoin itself and probably means it’s over and won’t recover
If it would happen there will be probably some major malfunction in Bitcoin itself and probably means it’s over and won’t recover
How low would Bitcoin have to fall before it was no longer recoverable?
When 1BTC =/= 1BTCThe inherent qualities of Bitcoin are what makes it valuable. It was once less than a dollar, cause of the public perception of it or lack of knowledge. If it falls below that again due to public perception, it is still recoverable as long as the inherent qualities are present, as long as 1BTC = 1BTC.
Once there is a chink in the protocol, then we can say it might not be recoverable.
It will highly depend on what caused the tremendous crash in the first place, so it would be pretty impossible to say unless we have a reason.
Bitcoin to $1 is pretty unlikely though. I'd imagine even if every single country banned bitcoin, we wouldn't go that low.
Bitcoin to $1 is pretty unlikely though. I'd imagine even if every single country banned bitcoin, we wouldn't go that low.
How low would Bitcoin have to fall before it was no longer recoverable?
Price, in my opinion, would not dictate this. It would have to be something that would destroy the foundation and system on which it is built.
what you say?
Price, in my opinion, would not dictate this. It would have to be something that would destroy the foundation and system on which it is built.
what you say?
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