Like a phoenix rising from the ashes, Bitcoin has once again defied the critics and bounced back from predictions of its demise.
The leading cryptocurrency has been dealing hundreds of so-called ‘obituaries’ declaring it dead or doomed to failure since its inception in 2009. Yet Bitcoin has shown longevity and resilience in the face of constant criticism. According to 99bitcoins, the last recorded “death” occurred in April, when the price fell from $31,000 to $27,500.
When looking at historical ‘obituaries’, CNBC and Bloomberg appear the most often, with 35 and 24 articles respectively calling for the death of Bitcoin. Headlines included “Bitcoin is still doomed,” “Bitcoin is a decentralized Ponzi scheme,” and “Bitcoin is not the future of money.”
While the cryptocurrency’s long-term trajectory depends on many factors, its ability to repeatedly recover from crashes and criticism is remarkable. The cryptocurrency continues to find new life after every metaphorical funeral.
Bitcoin’s recent bullish move and support from BlackRock puts the price at around $34,000 on October 24, after a period of stability around $27,000 between March and October, up 78% over the past year.
The latest spike was accompanied by a spike in trading volume, indicating increased buying pressure.
Bitcoin died and rose again.
The number of predictions about Bitcoin’s demise generally increased over time as crypto became more mainstream. From just a handful in the early years, the number of obituaries reached hundreds as of 2017, when Bitcoin prices spiked.
Critics often declared Bitcoin dead during major price crashes, with clusters of obituaries around events in late 2017, early 2018, March 2020, and mid-2021. The volatility led to accusations of bubble bursting, such as the 2013 headline “The Bitcoin Bubble Has Burst ‘, when the price was only $84.
Experts and regular commentators alike have predicted Bitcoin’s failure. Sources range from mainstream media to individual bloggers, and show widespread skepticism.
Initially more measured, the criticism became more hyperbolic over time. Early headlines expressed doubt, while later proclamations labeled Bitcoin a scam, a Ponzi scheme, or a bubble ready to burst, as in 2021’s “Bitcoin is worse than a Madoff-style Ponzi scheme.” Financial times.
Some sources continually predict Bitcoin’s demise, despite being proven wrong by its continued existence. A continued desire by some to see cryptocurrency fail appears to be present.
The reasons cited evolved from Bitcoin’s inability to function as money to a lack of regulation, environmental damage, and competition from other currencies. Yet the core narrative of impending collapse persisted.
Although Bitcoin has been declared dead 474 times, it continues to exist, whether it rises from the ashes or emerges from every death.” The recurring story of underestimation remains unfinished and Bitcoin’s next chapter is still not written.
All eyes are on BlackRock’s highly anticipated Bitcoin ETF spot, as the investment firm looks to add Bitcoin to its trillions of dollars in assets under management.
If Bitcoin is dead, why didn’t anyone tell Larry Fink?