Bitcoin (BTC -1.58%), the only cryptocurrency to ever hit a market capitalization of more than $1 trillion, has firmly established itself as the world's most widely used and accepted digital asset. Despite Bitcoin's astounding accomplishment and proven history of price appreciation, critics believe that one day soon it might be headed to worthlessness.

Their primary reasons usually point to its supposed lack of intrinsic value, absence of utility, and that it resembles a decentralized Ponzi scheme. This combination has led some to surmise that the chance of Bitcoin heading to $0 is much more likely than it ever reaching $100,000.

In reality, when evaluating historical and current trends around adoption of Bitcoin and what it offers users, it becomes clear that the likelihood that Bitcoin will reach $100,000 is much greater than it ever falling to zero. 

The case for $100,000

One reason Bitcoin is more likely to hit $100,000 than zero is its increasing adoption, mainstream acceptance, and growth of its network. Over the past few years, more and more individuals and institutions have started to invest in Bitcoin, recognizing its potential as a store of value and means of exchange.

Major companies such as Tesla and Block have made significant investments in Bitcoin, and more traditional financial institutions such as BlackRock and Fidelity have started to offer Bitcoin-related services to their clients. This growing acceptance and adoption of Bitcoin could drive up demand and increase its value over time.

In addition, when looking at the trajectory of crucial metrics related to Bitcoin's network, it becomes clear that the cryptocurrency is flourishing, even though its price remains more than 60% off from its all-time high. Statistics such as the number of addresses with a positive balance, average transaction size, and mining difficulty (a measure of the network's security and decentralizations), all sit at or near all-time highs.

The primary factor driving this growth and continued adoption of Bitcoin is related to its scarcity. Despite assertions by critics who say that Bitcoin lacks intrinsic value, Bitcoin derives its value from the fact that it is unlike traditional fiat currencies that can be printed by central banks at will, inevitably eroding the purchasing power of those who hold them. 

Those who hold Bitcoin increase their purchasing power with time, as opposed to government-issued currencies. This is because Bitcoin is limited to a total supply of 21 million coins, and the rate at which new coins are created is cut in half every four years.

Should more people come to this realization, Bitcoin could become a true beneficiary, thanks to the simple dynamics of supply and demand. As more individuals and institutions seek to invest in Bitcoin, there will be less available, and this could potentially drive up its value. If governments around the world continue to print more fiat currencies in response to economic crises like they have in the 21st century, then it isn't hard to imagine demand for a stable asset like Bitcoin could outpace its limited supply. 

Finally, technological advancements and improvements to the Bitcoin network could also contribute to a further rise in value. For example, the implementation of the Lightning Network, a Layer 2 payment protocol that allows for faster and cheaper Bitcoin transactions, could make the cryptocurrency more accessible and user-friendly, potentially driving up demand as it proves to be more useful for everyday purchases. 

Patience is a virtue

Although the future price of Bitcoin is impossible to predict with any accuracy, the combination of these factors makes it much more likely that Bitcoin will continue to rise in value over time, rather than hit zero. When considering this possible future, it makes investing at today's prices that much more alluring. Bitcoin is trading at about $28,000 at the time of writing, so if it hit $100,000, it would represent a 260% increase. 

There's no telling when this could happen, and anyone who claims to know is just guessing. But as Bitcoin proves its resiliency and attractiveness as a store of value, its potential upside over the long term looks very attractive.