Bitcoin Faces Lowest 'Death' Predictions in a Decade Amidst Evolving Crypto Landscape
Summary:
In 2023, Bitcoin received the least number of eulogies in ten years with mainstream media declaring it 'dead' just seven times. This information is according to a tracker that monitors Bitcoin obituaries, which confirms Bitcoin was declared 'extinct' 474 times since 2010. The most recent 'death' prediction included a statement from billionaire tech investor Chamath Palihapitiya during an April podcast episode. The firm recording these instances expects the trend to wane, with no more Bitcoin obituaries in two to three more cycles. Ethereum, another cryptocurrency, has also come under similar criticism.
In 2023, mainstream press proclaimed Bitcoin "extinct" a mere seven times, marking the lowest count in a decade, as per records from a Bitcoin obituaries tracker. The information was compiled using 99bitcoins' BTC obituary tracker and shared by crypto specialist Jameson Lopp on December 20 via Crypto X (Twitter). According to the tracker, Bitcoin has been pronounced "extinct" 474 times since 2010. Interestingly, the tracker reported only seven instances in 2023, with billionaire tech investor and Bitcoin enthusiast, Chamath Palihapitiya, most recently announcing "Crypto is dead in America" during the All-In podcast episode on April 22.
It appears Palihapitiya was referring to excessive regulatory oversight when he made his declaration. The content tracked by the firm will only be counted as a Bitcoin obituary if it expressly states that BTC is or will become valueless. It should also be issued by a significant follower or a website with a large reader base.
The firm noticed that more than half of the obituary declarations this year occurred in January, around the peak of the crypto winter, and just two months following the disastrous crash of FTX when BTC was battling to surpass the $17,000 mark. Curiously, 2017 saw the highest number of Bitcoin obituaries with 124, even as Bitcoin achieved an all-time high. BTC's value soared by 1,900% that year, with a peak value of $20,000 in December.
The third largest batch of Bitcoin obituaries came in 2021, another peak cycle year where the asset appreciated by 138% to reach an all-time peak of $69,000 in November. Professional trader Oliver L. Velez noted the descending pattern, stating that in two to three more cycles (assuming one cycle equals four years), there will be no more Bitcoin obituaries. As per him, the assertion of Bitcoin death will be as absurd as claiming air will cease to exist.
Bitcoin isn't the only cryptocurrency to get negative press. Ethereum, another popular crypto asset, has also been claimed "dead" by certain detractors. However, Ethereum supporter Anthony Sassano rebuffed the Ethereum death tidings on December 21 by purchasing more of the asset despite the declarations.
Published At
12/21/2023 7:52:11 AM
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