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

As
Bitcoin
(BTC)
was
hitting
new

historical
highs
above
$68,000

this
year,
global
cryptocurrency
naysayers
were
increasingly
blasting
BTC
for
its
extreme
volatility
and
potential
risks.

According
to
Bitcoin
Obituaries
data
by
Bitcoin
education
portal
99Bitcoins,
the
original
cryptocurrency
was
declared
“dead”
as
many
as
45
times
in
2021,
which
is

at
least
three
times
more
than
in
2020
.

Despite
the
growing
number
of
Bitcoin
critics
in
2021,
the
number
of
obituaries
is
still
significantly
less
this
year
than
was
recorded
in
2017,
the
year
when

BTC
first
reached
close
to
$20,000
.
That
year,
Bitcoin
“died”
124
times.

Incepted
in
2010,
99Bitcoins’
Bitcoin
Obituaries
list
has
English-language
statements,
including
content
about
the
fact
that
Bitcoin
“is
or
will
be
worthless.”
To
qualify
an
obituary,
the
content
should
be
produced
by
a
person
with
a
“notable
following
or
a
site
with
substantial
traffic.”

It
has
counted
438
obituaries
so
far,
with
one
of
the
latest
obituaries

produced

by
Robert
McCauley,
an
associate
member
of
the
faculty
of
history
at
the
University
of
Oxford.
In
a
Dec.
22
guest
post
for
the
Financial
Times,
McCauley
argued
that
Bitcoin
is
“worse
than
a
Madoff-style
Ponzi
scheme,”
arguing
that
BTC
holders
“will
have
no
one
to
pursue
to
recover”
sums
that
they
“paid
the
miners
for
their
Bitcoin.”

Eswar
Prasad,
senior
professor
of
international
trade
policy
at
Cornell
University,
previously

predicted

that
“Bitcoin
itself
may
not
last
that
much
longer”
due
to
the
growing
“​​promise
of
decentralized
finance.”

While
Bitcoin
naysayers

keep
betting
on
a
gloomy
future
of
BTC
,
some
analysts
such
as
Bloomberg
commodity
strategist
Mike
McGlone
believe
that
Bitcoin
could
hit
$100,000
next
year.



Related:




Crypto
community
responds
to
Charlie
Munger
yelling
at
Bitcoin
again

As
previously
reported,
the
crypto
community
has
been

strongly
anticipating
BTC
to
have
hit
$100,000

by
the
end
of
2021.
After
failing
$100,000
predictions,
some
executives
such
as
Kraken
CEO
Jesse
Powell
are
still
bullish
on
Bitcoin’s
price
in
the
long
term
but
also

expect
a
potential
crypto
winter

in
the
short
term.

At
the
time
of
writing,
Bitcoin
is
trading
at
$47,597,
up
around
70%
over
the
past
365
days,
according
to

data

from
CoinGecko.


Bitcoin
365-day
price
chart.
Source:
CoinGecko

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