Could Bitcoin ever drop down to $1 again?

[Grant]

Bitcoin has dropped and risen in price a lot over the years, but the prices have stayed relatively high, well over 10,000+. Right now it's worth around $26,000 right now. It could rise higher, or it could drop a bit. But, what if something crazy happened and the price of bitcoin drops back down to $1? Would that cause problems for people? Or would it cause an increase in bitcoin investment?

 

[Riberet19]

For that to happen Bitcoin should have failed in its purpose, that bitcoin's blockchain will stop working for quite some time or that something very bad will happen in general, I also do not think it likely anyway because there are about 4 million Bitcoins that are inaccessible because their owners lost the access to these Bitcoins, that's why this money will remain immobile in Bitcoin and will not leave the protocol, so I see it extremely unlikely.

 

[Henrywrites]

You are simply talking about the death of crypto currencies as a whole. I mean a lot of people will have to sell their coins before that happens. So, I am not even thinking about something crazy as that happening anytime soon. I can't even deal with it

 

[Shortie]

With how far we have seen Bitcoin some over the years, if we saw it drop all the way down to $1 that would be seen as Bitcoin failing and with Bitcoin being the leading cryptocurrency so to speak, that would end up being the end of cryptocurrency if we saw it drop that low.

I don't see that happening at all given how well Bitcoin seems to be doing at the moment.

 

[Ja Sa Bong]

If Bitcoin drops to $1, it's over for all cryptocurrency because other coins will worthless shit coins. Ethereum, Litecoin and other coins with good projects will fade away. I will never pray for Bitcoin to crash to even $1000.

 

[Heatman]

Why in the world would anyone want Bitcoin to drop back to $1? I don't know the kind of thing or news that's going to make Bitcoin crash down to $1. Even when Elon Musk sold off his $1.5 billion worth in Bitcoin, the coin never crashed to $1 per BTC. When that happens, I won't even have my investment in BTC by then.

 

[Nomad]

Theoretically speaking, it can happen. Imagine a situation when Bitcoin is outlawed by all countries in the world, and people are prohibited from trading, investing, sending and receiving funds, or mine bitcoin. The coin will become worthless.

 

[ganibade]

Bitcoin has dropped and risen in price a lot over the years, but the prices have stayed relatively high, well over 10,000+. Right now it's worth around $26,000 right now. It could rise higher, or it could drop a bit. But, what if something crazy happened and the price of bitcoin drops back down to $1? Would that cause problems for people? Or would it cause an increase in bitcoin investment?

The possibility of Bitcoin falling under $1 again is incredibly minimal, despite the fact that it is theoretically feasible. Although market volatility can't be completely ruled out, the cryptocurrency has seen tremendous adoption and investor interest, making such a drastic decrease highly unlikely.

 

[Henrywrites]

Theoretically speaking, it can happen. Imagine a situation when Bitcoin is outlawed by all countries in the world, and people are prohibited from trading, investing, sending and receiving funds, or mine bitcoin. The coin will become worthless.

Ouch, I can't even imagine this happening. A lot of people are going to commit suicide and it will be a sad day worldwide. There is a lot of investment in the crypto currency market and all countries banning the coins looks highly unlikely to occur.

 

[Nomad]

Ouch, I can't even imagine this happening. A lot of people are going to commit suicide and it will be a sad day worldwide. There is a lot of investment in the crypto currency market and all countries banning the coins looks highly unlikely to occur.

I don't see that happening because can make more money by regulating cryptos rather than banning cryptos. CHina has banned crypto but they have allowed it in Hong Kong. Russia was considering banning crypto yet they started selling Oil for Bitcoin.

 

[Ja Sa Bong]

I don't see that happening because can make more money by regulating cryptos rather than banning cryptos. CHina has banned crypto but they have allowed it in Hong Kong. Russia was considering banning crypto yet they started selling Oil for Bitcoin.

Governments knows they stand more chance of gaining from being in control and using cryptocurrencies than banning it outrightly. If PayPal woke up to support cryptocurrency and launch a stable coin, it shows they have seen the benefits they are going to be getting from it.

 

[Heatman]

The possibility of Bitcoin falling under $1 again is incredibly minimal, despite the fact that it is theoretically feasible. Although market volatility can't be completely ruled out, the cryptocurrency has seen tremendous adoption and investor interest, making such a drastic decrease highly unlikely.

The day that we wake up and see Bitcoin fall to $1, everything is gone and it's going to be almost impossible for it come back to something valuable. Look at what it's taking for Bitcoin to recover from how it fell from $67,000 to $20,000+. Imagine what's going to happen when it falls to $1.

 

[Nomad]

If bitcoin drops to $1, all altcoins will also drop down to $1 or less. That's because there is a correlation between bitcoin and altcoin. When all crypto coins become $1, two trillion dollars will be wiped form the global wealth ecosystem. THis is a scary situation.

 

[Heatman]

This is what I usually tell people when it comes to whatever that is happening with Bitcoin, there is always a direct impact to any other cryptocurrency that we have. In a situation whereby Bitcoin falls to $1 per coin, every other coin is going to become very useless and it's most likely going to be the end of cryptocurrency.

 

[Ja Sa Bong]

If bitcoin drops to $1, all altcoins will also drop down to $1 or less. That's because there is a correlation between bitcoin and altcoin. When all crypto coins become $1, two trillion dollars will be wiped form the global wealth ecosystem. THis is a scary situation.

Bitcoin is the head or mouth of the water stream. If any goes wrong from the mouth of the stream, the whole water coming out will be messed up. If Bitcoin suffer a fall to $1 tomorrow, Litecoin, Ethereum, Dogecoin, ADA, Matic, XRP, and every other coin will be like $0.00000000000000035 or less in worth.

 

[FXOcrypto]

I think very very difficult Bitcoin drop to $1, even BTCUSD also still hard to landed to $10k level prices, and now BTCUSD traded at roughly $27k and I see some investors believe the price could reach $40k on one year later.
Image below taken from Ticktrader FXOpen

 

[Heatman]

I think very very difficult Bitcoin drop to $1, even BTCUSD also still hard to landed to $10k level prices, and now BTCUSD traded at roughly $27k and I see some investors believe the price could reach $40k on one year later.
Image below taken from Ticktrader FXOpen

I believe that there is a possibility of Bitcoin trading up to 40,000 dollars within the next few years because it is something that analyses have proven to be obtainable after the halving that is going to happen sooner. I know that it's something that a lot of investors are looking forward to because it is going to usher in a phase of recovery in some of their investment in BTC.