What Happens If Someone Tries To Buy Up All The Bitcoins?
Newbies to bitcoin have asked on the Bitcoin Forum, BitcoinTalk, “What if someone tries to buy up all of the bitcoins?”
It is essentially impossible to buy all the bitcoins in existence. As they were purchased, the price of the bitcoins would rise exponentially. As Erik Vorhees asked a Newbie in the Bitcoin Talk Forum: “Imagine how much this mysterious buyer would need to pay for the last bitcoin still available? Who would sell it, and at what price? If there were only a few coins left, the price would be several millions of dollars, and people would simply use the fractions of a coin in the same they today use a full coin.” Some analysts, like former StockHouse CEO and current CEO of TDV Media, Jeff Berwick, have said that bitcoin will not be purchasable in US dollars within five years, citing the current crisis of confidence in the US dollar.
The resources that would be poured into bitcoin would be immense, posits Vorhees. He contends: “I can think of nothing that would accelerate the strength, power, and development of bitcoin more than ‘someone trying to buy all the coins.’