Bitcoin ‘died’ 45 times in 2021 as media still eager to post BTC obituaries


As Bitcoin (BTC) was hitting new historic highs above $68,000 this yr, world cryptocurrency naysayers had been more and more blasting BTC for its excessive volatility and potential dangers.

Based on Bitcoin Obituaries information by Bitcoin schooling portal 99Bitcoins, the unique cryptocurrency was declared “useless” as many as 45 instances in 2021, which is at the least thrice greater than in 2020.

Regardless of the rising variety of Bitcoin critics in 2021, the quantity of obituaries continues to be considerably much less this yr than was recorded in 2017, the yr when BTC first reached near $20,000. That yr, Bitcoin “died” 124 instances.

Incepted in 2010, 99Bitcoins’s Bitcoin Obituaries record contains English-language statements together with content material about the truth that Bitcoin “is or will likely be nugatory.” To qualify an obituary, the content material needs to be produced by an individual with a “notable following or a website with substantial visitors.”

T has counted 438 obituaries to this point, with one of many newest obituaries produced by Robert McCauley, an affiliate member of the College of Historical past on the College of Oxford. In a Dec. 22 visitor submit for The Monetary Instances, McCauley argued that Bitcoin is “worse than a Madoff-style Ponzi scheme,” arguing that BTC holders “can have nobody to pursue to get better” sums that they “paid the miners for his or her Bitcoin.”

Eswar Prasad, senior professor of worldwide commerce coverage at Cornell College, beforehand predicted that “Bitcoin itself might not final that for much longer” as a result of rising “​​promise of decentralized finance.”

Whereas Bitcoin naysayers maintain betting on a dark way forward for BTC, some analysts like Bloomberg commodity strategist Mike McGlone consider that Bitcoin may hit $100,000 subsequent yr.

Associated: Crypto neighborhood responds to Charlie Munger yelling at Bitcoin once more

As beforehand reported, the crypto neighborhood has been strongly anticipating BTC to hit $100,000 by the top of 2021. After failing $100,000 predictions, some executives like Kraken CEO Jesse Powell are nonetheless bullish on Bitcoin worth in the long run but additionally count on a possible crypto winter within the quick time period.

On the time of writing, Bitcoin is buying and selling at $47,597, up round 70% over the previous 12 months, in line with information from CoinGecko.

Bitcoin 365-day worth chart. Supply: CoinGecko