Bitcoin's Value Dropping To Zero?

Sir Jon Cunliffe, Deputy Governor of the Bank of England, made a shocking statement about Bitcoin, which has grown in popularity during the pandemic process. This explanation later caused confusion.

A shocking claim raised about Bitcoin has confused. In a statement, Bank of England Deputy Governor Sir Jon Cunliffe made assessments related to Bitcoin, which has increased in popularity during the pandemic process. In his statement, he said that there is a possibility that their prices will be constantly variable, practically falling to zero.

Quite alarming statements have come from the UK wing regarding cryptocurrencies. Cunliffe, deputy governor of the Central Bank, said in a statement: ‘The worrying point about cryptocurrencies is that when they are integrated into the financial system, very large-scale price regulation can occur. This, along with other markets, causes fixed financial actors to be affected,’ he said.

According to reports from British and global sources, BTC had crossed the 67 Thousand Dollars in early November and reached its peak. Together with the Omicron variant, it has undergone a serious decline. The routine assessment conducted by the Bank of England on Monday covered many issues related to cryptocurrencies. It was especially emphasized that large organizations should be cautious about crypto money.

The general description refers to how cryptocurrencies as relevant developments will be closely monitored, while at the same time, included the following statements; ‘ the risks at the local and global levels by checking to encourage sustainable innovation, integrity, and trust to provide the comprehensive financial system necessary for law enforcement frames’ " as it were. 

Making such statements before, but in the subsequent processes, the absence of any signs of this causes some people to ignore such news. But it is extremely important to follow the statements made by the states to read and interpret the market well. In this sense, our site has done some research related to the subject for you. You can find them in the rest of our article.

What Happens If Bitcoin Drops To Zero?

All this caused the question of what would happen if Bitcoin fell to zero. The most valuable cryptocurrency in history, which recognizes blockchain technology in the world, is Bitcoin. In these global markets with more than 2000 cryptocurrencies, the value of Bitcoin causes other cryptocurrencies to be affected as well. In this part of our article, as we mentioned above, we will tell you what will happen if Bitcoin drops to zero.

The existence of a segment that thinks negatively about cryptocurrencies is undeniable. But even this segment is wondering how the next-generation technologies of the market will yield a return. Since Bitcoin has a guiding power in the crypto money market, people's interest is more at this point.

For Bitcoin to drop to $0, all of its investors must leave the ecosystem at once. At the same time, all miners must shut down the system. This is a possibility that is considered impossible. The occurrence of this impossible situation will cause a great depression in the world economy.

If Bitcoin investors suddenly decide to withdraw from the system, its effects far outweigh the crypto money market. Generally speaking, bitcoin may disappear over time, but not all at once. This is extremely valid so as not to be alarmed.

Will Bitcoin Drop To Zero?

Another claim is that Bitcoin will never see zero. The main reason for this is that the segment that truly believes and wholeheartedly supports the market is very broad. For the market to empty, people have to sell all their cryptocurrencies. This situation has never happened before. When we look at Bitcoin, it is known that although almost half of the current cryptocurrencies are traded, the value will not decrease to zero.

To summarize in general, it should be noted that it is out of the question for Bitcoin to see zero shortly. Such claims are mostly based on attracting attention by creating an agenda. At the same time, it is known that states sometimes make such moves to change the direction of investments. Cryptocurrencies cause a decrease in foreign exchange investment, which activates some countries at this point.

If you follow our site, you will find all the information about crypto money in a very short time. Although digital assets have an important place today, it should not be forgotten that this value will increase day by day and there is a possibility of monopoly in the future.