On Thursday (January 14), according to Bloomberg, a team of strategists at UBS Global Wealth Management wrote in a report that any cryptocurrency\u2019s price could potentially go to zero. Earlier today, the Binance CEO explained why the Bitcoin price will not.<\/p>\n
According to Bloomberg\u2019s report, UBS\u2019s report was written by a team that included Michael Bolliger, who is the Head of the Emerging Markets Asset Allocation team at UBS Chief Investment Office. Bolliger acts as a regional Chief Investment Officer for the CEEMEA region.\u00a0 <\/p>\n
Here is the relevant section of the UBS report:<\/p>\n
\u201cThere is little in our view to stop a cryptocurrency\u2019s price from going to zero when a better designed version is launched or if regulatory changes stifle sentiment\u2026 Netscape and Myspace are examples of network applications that enjoyed widespread popularity but eventually disappeared.\u201d<\/p>\n
Well, in the case of Bitcoin, Binance Co-Founder and CEO Changpeng Zhao (aka \u201cCZ\u201d), said (in a tongue-in-cheek manner) that in the unlikely event that the Bitcoin price drops to zero, he personally guarantees to buy every bitcoin out there, and so it is not possible for the price of Bitcoin to crash to zero.<\/p>\n
One interesting reply to Bloomberg\u2019s came from Mira Christanto, Asia Advisor at Messari, who tweeted: \u201cDid they warn clients Oil can go to below zero?<\/em>\u201c<\/p>\n