Let's differentiate between real hypotheticals and false hypotheticals.
This article mainly discusses what would happen after these situations occur.
Let’s first discuss the real hypotheticals.
Some people believe Bitcoin will really go to zero, and it will happen in the near future.
Because this thing cannot be eaten, cannot be touched, cannot be seen, and it always seems to be stolen. The state does not support it, and it does not generate any assets.
Gold can be used, can be decorative, can have industrial uses, and can retain value. Historically, it has proven to be a store of value, while Bitcoin seems to have no practical use.
The only useful aspect is money laundering, hiding dirty money, and long-distance transfer. Its greatest use is for speculative trading, but these are not allowed or are restricted by law. These uses seem to be purely virtual.
Based on these, they certainly believe in their assumptions. Things that do not exist naturally have no value, and speculative things do not last long.
So they won’t buy it, nor will they think Bitcoin will rise. But the fundamental reason Bitcoin rises so rapidly is that their firm decision not to buy leads to it. Their refusal to buy gives Bitcoin its underestimated value. It is the low price in the early stages that leads to the rapid increase later. They are certainly the vast majority.
No matter how good something is, like food as a material, if everyone needs it and recognizes it, it won't sell for a good price. Normally you can spend 1 yuan, you definitely won't spend 10 yuan.
Good + in demand + valuable does not equal that you can make money from it.
Not knowing if it's good or feeling bad + having a small amount of demand + not knowing if it has value or simply having no value does not mean you can't make money from it.
Most things recognized by the majority have value but no rapid appreciation, while things recognized by a small part of the people have value and appreciation.
If Bitcoin really goes to zero, then it must mean their assumptions are wrong.
Now let me talk about the hypothetical scenario of Bitcoin going to zero.
Then decentralized storage is a virtual asset whose value can be disproven. Other assets existing in the form of blockchain are all scams.
Decentralized social experiments do not work. A large number of mining enterprises have gone bankrupt.
Humans currently lack the technical means to build a trustworthy network of virtual assets.
Then the above is clearly not.
So if Bitcoin goes to zero, it does not mean that people have lost their demand for virtual assets.
It must mean that alternatives have appeared.
If this situation occurs, it must mean that a more secure, value-protecting, more advanced system with more innovative code of virtual assets has emerged to replace Bitcoin, but so far, I haven't seen that.
The fundamental reason Bitcoin can rise is that it is currently the most aligned with today's virtual asset categories. The underlying logic is the rigid demand for virtual assets and asset security for global transfers.
If holding gold would lead to execution, many people would turn in their gold.
If holding Bitcoin would lead to execution, people would just laugh it off; they would rather be destroyed than turn it in, because how would you prove that it's mine?
What can surpass Bitcoin will definitely not be another coin. Because Bitcoin is already the best. There's nothing more to change.
Destroying Bitcoin to create another coin in its form is purely redundant. What is lost will outweigh what is gained.
If Bitcoin were to be replaced, it would definitely be another form of asset. We just don't know what that would look like yet.
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