Bitcoin “Died” 474 Times, But is Still up and Running
Bitcoin (BTC), the leading asset in the cryptocurrency industry, has achieved remarkable success and widespread acceptance.
However, despite its significant achievements, there are notable critics who argue that it lacks intrinsic value.
According to data obtained from 99bitcoins, a reputable cryptocurrency information platform, Bitcoin has faced 474 predictions about its demise since its inception a decade ago, with seven being made by prominent figures this year alone.
For a prediction to be included in the “Bitcoin obituaries,” as classified by 99Bitcoins, it must come from an individual with a significant following or a website with substantial traffic.
Furthermore, it must explicitly state that Bitcoin is or will become worthless without any ambiguous language such as “maybe” or “could.”
One of the earliest recorded predictions about Bitcoin’s demise dates back to December 15, 2010, when businessman Jordan Tuwiner expressed skepticism about its future in an article titled “Why Bitcoin Can’t Be a Currency – The Underground Economist.”
Notably, Bitcoin was trading at a mere $0.23 at the time of his post. However, Tuwiner recognized Bitcoin’s potential and subsequently changed his stance, eventually founding BuyBitcoinWorldwide in 2015, an educational resource for individuals interested in purchasing Bitcoin and entering the world of cryptocurrencies.
Interestingly, Bitcoin even faced declarations of its death during its peak success in November 2021, when its price reached $67,567. In an article titled “The Bitcoin Delusion,” Sam Leith of The Spectator compared Bitcoin and a ticking time bomb.
Other notable figures have also expressed pessimistic views about Bitcoin, including TV personality Jim Cramer and former SEC attorney John Reed Stark, who referred to cryptocurrency as a “big hustle.” JPMorgan Chase CEO Jamie Dimon called Bitcoin a “hyped-up fraud,” and geopolitical analyst Peter Zeihan predicted that “Bitcoin will probably go negative” during the Joe Rogan podcast in January.
READ MORE: Bitcoin: Riding the Wave of Fed’s Money Printer
Despite the numerous predictions of its demise and the negative sentiment expressed by these critics, Bitcoin has continued to demonstrate resilience and positive market performance. Notably, since the first recorded prediction by Tuwiner in 2010, Bitcoin’s value has surged over 11,700,000%.
That being said, various individuals have predicted further growth for Bitcoin, with experts such as Ari Paul, the CIO of blockchain firm BlockTower, and Bloomberg’s senior commodity strategist Mike McGlone anticipating that its price will soon reach $100,000.
At the time of writing, Bitcoin was trading at $27,164, showing an increase of approximately 1% in the past 24 hours. Importantly, since January 1, the cryptocurrency has surged about 65%, instilling optimism in the market.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
