It'd be an immense drop for a long time, I'd imagine. There's 19 million coins mined total, so really it should only drop the price by about 1/19th if things were totally rational, but people will rush to sell ahead of that as soon as they saw it move, and we could see it go down to.... maybe even the low hundreds of dollars, and then people will start buying it again and it should eventually (over several years) bring it back up to, I'm guessing, around 50% of whatever its value was when the event happened, possibly over 5+ years.<p>There's about 1.3 million coins circulating on all exchanges as of December 2021[1] (might be higher since the sell-off but I don't see more recent numbers), so assuming everyone held but that wallet (which they won't, but let's pretend for a minute), it'd double the available supply, which I'm guessing would halve the price by itself.<p>There' still not enough coins for every fiat millionaire on the planet to have a whole coin (56 million millionaires globally)[2] , even with that additional 1.1 million coins flooding the market, so assuming faith in bitcoin isn't permanently shattered at that point, it'll most likely more-or-less recover eventually.<p>I'm sure that some people will use it as an opportunity to finally become a 'whole-coiner' (owning a whole bitcoin) and/or keep accumulating even when they're dirt cheap, trusting it will go up eventually (I will probably keep throwing $100 a month into it). I suspect those people will find a way to have large, early bitcoin-era gains from it again if they can hold onto it for several years. Make owning the OG bitcoin cool again or something (or hell, might get old enough that nostalgia kicks in and it's cool to own again).<p>[1]: <a href="https://www.thestreet.com/crypto/news/only-1-3-million-bitcoin-still-circulating-on-crypto-exchanges" rel="nofollow">https://www.thestreet.com/crypto/news/only-1-3-million-bitco...</a><p>[2]: <a href="https://fortunly.com/statistics/millionaire-statistics/#gref" rel="nofollow">https://fortunly.com/statistics/millionaire-statistics/#gref</a>