A view has emerged that Bitcoin is more likely to reach $1 million than to fall to $0.

On Feb. 25, blockchain outlet The Crypto Basic reported that Altcoin Daily co-founder Austin Arnold said Bitcoin is trading around $66,700 and is down about 48 percent from its all-time high, but has significant upside over the long term.

Gold bull and Bitcoin bear Peter Schiff and Bloomberg’s Mike McGlone, meanwhile, warned Bitcoin could ultimately fall to $0. Some analysts say the risk of an extreme drop is lower than in the past as institutional adoption expands and Bitcoin is increasingly incorporated into global financial markets.

Some say that if Bitcoin fell to $0, investors would rush to buy, causing the price to rebound instead. An X user said they would buy the entire supply if Bitcoin hit $0, suggesting the scenario itself is unrealistic. Some in the market also argue that a collapse to $0 would require a shock on the scale of global internet infrastructure breaking down.

Many also believe reaching $1 million is possible if conditions such as wider institutional adoption, expansion of the money supply and the cumulative effect of time are met. Some participants estimated Bitcoin could reach $1 million between 2028 and 2032, while also noting the timeline could be pushed back depending on market conditions.

Since 2024, large amounts of capital have flowed into Bitcoin through spot exchange-traded funds (ETFs), and major companies such as asset manager BlackRock also run Bitcoin-related products, which are cited as factors lowering the odds of a "zero ($0)" outcome. ETFs currently hold 1,450,000 BTC, worth $96 billion, while listed companies and private companies hold Bitcoin worth $34.55 billion and $28 billion, respectively. Taking these trends into account, the view that Bitcoin is more likely to reach $1 million is gaining traction.

Michael Saylor, who leads Bitcoin treasury company Strategy, also argued that if Bitcoin does not go to $0, it will eventually reach $1 million. Strategy holds 717,722 BTC at an average purchase price of $76,020 and said it continues to buy more even while sitting on unrealised losses. The logic is that if Bitcoin’s fixed supply of 21 million and institutional adoption continue, upward pressure on the price could grow over the long term.

Some point out that even if long-term expectations tilt optimistic, short-term volatility is unavoidable. The market cites shifts in macro variables, the pace of a rebound in risk appetite and whether ETF fund flows persist as key factors that will shape the next trend. Investors are expected to watch whether growing institutional demand translates into actual buying and how supply and demand change around major support and resistance levels.

The chance of #Bitcoin reaching $1,000,000 is higher than the chance of it reaching $0.