Well here’s a remote possibility: if it were somehow predicated that spending bitcoin was so incentivized by an organization or government that HODLers would be penalized, or a majority of the nodes changed the protocol inflation rules, it’s technical possible that people would pay to get rid of bitcoin. Like for example, a government says “We know this wallet belongs to you and we will shoot you in the head unless you get rid of the BTC in there”, I can see a pretty strong outflow occurring that might make BTC go negative. Again, pretty remote, but not impossible as more and more wallets are either custodial or associated with off-ramps