Bitcoin reaching a new all-time high of $69,000 last year saw significant lash out from crypto opponents against the digital coin. These crypto opponents claim that Bitcoin’s volatility is highly on the extreme and that the potential risks are too great for investors.
However, since its all-time high, Bitcoin has entered into a short bearish phase dropping significantly by 40%. This dashed the hopes of crypto enthusiasts who predicted Bitcoin would reach a six-digit price before 2021 runs out. But, looking at the bigger picture and year-to-date, the digital coin has seen an increase of over 150% in value. Yet, many critics and skeptics still believe that Bitcoin is dead.
In fact, according to the popular Bitcoin obituaries released 99Bitcoins, the famous educational portal, Bitcoin has been declared dead 45 times in 2021. Even with the obvious price increase witnessed last year, the 2021 obituaries are three times more than that of 2020 and tie with that of 2019. Presently, the 2021 obituary list is the joint third-largest number of obituaries in a year alongside that of 2019.
Evidently, the number of online reviews about Bitcoin considerably increased in 2021. However, the number of 2021 obituaries is significantly lesser than that of 2017. BTC reaching an all-time high of $20,000 in 2017 prompted the death of Bitcoin 124 times.
The Bitcoin Obituary List was created in 2010 by 99Bitcoins. The list consists of statements in English that discredit Bitcoin or state that Bitcoin will be or is worthless”. For a statement to qualify as an obituary, the content must be declared by websites with substantial traffic or by an individual with a significant following.
Since 2010 till date, about 438 obituaries have been recorded and one of the latest obituaries was evoked by Robert McCauley. He is an associate member of the Faculty of History at the University of Oxford. And on December 22, during an invited Financial Times article, he contended that the concept of Bitcoin is worse than that of a Ponzi scheme. He argued that Bitcoin holders will have no one to blame or sue when the market comes crashing.
A senior professor of international trade policy at Cornell University, Eswar Prasad also made some interesting statements. He claims that Bitcoin might not last forever a long time as a result of the rapidly growing decentralized finance. While Bitcoin opponents proceed to bet on a grim future for the digital coin, several analysts and financial experts believe in a promising future for the coin.
For instance, Mike McGlone, a Bloomberg commodities strategist believes that there’s a high chance bitcoin reaches the anticipated $100,000 mark next year. You can visit the website 1kdailyprofit.app if you want to trade in.
At the onset of 2021, many investors and analysts in the crypto market anticipated Bitcoin reaching the $100,000 price mark but that never came. However, some executives like Jesse Powell, Kraken’s CEO are still very bullish on Bitcoin in the long term. But, they expert a short bearish season before the long bullish run.
Despite the 45 Bitcoin obituaries, the digital coin is doing fine and well. It can be said that only a few financial assets could be called “near-deceased” or “dead” after a price surge of more than 150% in a single year. Surely, these opponents did not only criticize Bitcoin but other cryptocurrencies as well. Digital coins like SHIBA, Solana, DOGE, ADA all saw a significant increase in price in 2021 way more than Bitcoin.
The number of bitcoin obituaries recorded in 2021 on 99bitcoins.com is more than BTC’s obituaries in the first four years combined. This is an indication that the more Bitcoin and other cryptocurrencies mature, the more criticisms they get from Bitcoin opponents and skeptics.
While numerous death calls have been made about bitcoin, there just never seems to be a strong theory against Bitcoin. As Bitcoin continues to grow, expect more of these death calls, as it is a sign that Bitcoin is doing great.
At the time of this publication, Bitcoin is trading at $43,380 with a price increase of 4.3% in the last seven days. This is according to data on CoinGecko.com.