“Bitcoin has (clearly) failed in its mission to become money, but its value is (sustained) because it has become a sort of natural Ponzi scheme.”– Nobel laureate and economist Paul Krugman.
And with yet another clueless pessimist voicing their opinion, it was business as usual this week for Bitcoin (BTC) – another round of attention-thirsty detractors failing to understand its world-changing impacts and using their voices to fuel the recent FUD (fear, uncertainty, death) surrounding the cryptocurrency markets as a whole.
Renowned economist Paul Krugman even took a crack at it himself. But, it remains clear that nobody thought to ask Paul this question: are there any examples of Ponzi schemes with second major rallies to new all-time-highs after their initial growth phases?
Simply put, there are not. After a while, one may even ask themselves if these opinions of ill-informed economists of a time since passed are correct – what if BTC is truly the dreaded word nobody ever wants to hear: a scam.
Luckily, we have Bitcoin obituaries to keep us sane – websites that host reports on what they believe to be the inevitable death of BTC. It may or may not surprise you to hear that the amount of reported deaths (BTC obituaries) has doubled since 2020. And with these factors in mind, this article takes a closer look at Bitcoin obituaries throughout the decade – read on!
Twice as Many Bitcoin Death Reports When Compared to 2020
Compared to the Bitcoin obituary list from last year, there are already twice as many BTC death reports in 2021, which indicates that critics are more willing to pounce on the crypto asset when the market begins to slide.
The BTC death narrative has partially gained popularity due to the carelessness of the average crypto-journalist alongside the laziness of the average consumer. Unfortunately, many are happy to sacrifice journalistic integrity for an edgy headline and a juicy rumor that will guarantee to generate a buzz.
However, many crypto and blockchain professionals would agree, it is safe to say that BTC is far from dead. If anything, they would likely say the opposite – Bitcoin is further from death than it ever has been before. Some would even go so far as to say that 2021 could be a year where BTC came alive in the public mind and was there to stay.
To put everything into perspective: since 2010, up until the last day of June, BTC has died 422 times, according to the 99bitcoins.com stats.
Bitcoin Has Died 29 Times This Year According To Skeptics
Down in value 45% since the most valuable crypto asset’s all-time high (ATH) three months ago, the downward movement has (understandably) ignited significant speculation about the possibility of an extended bear market. However, this does not coincide with the picture painted by the BTC obituaries: there were 14 bitcoin deaths in 2020. We are only halfway through this year, and that number stands over double at 29. Considering last year saw the world hit with a global pandemic and BTC just saw new all-time highs a mere three months ago, this makes little sense.
The infamous Bitcoin obituaries web page, hosted on 99bitcoins.com, showcases these types of “bitcoin is dead” skeptics who have written long, redundant bitcoin eulogies since 2010. Just recently, on June 21, the renowned author wrote a summary of the alleged failures of Bitcoin called “BTC Is Worth Exactly Zero.”
As of today, there are exactly six months left until 2022, and this year’s BTC deaths record may compete with years like 2019 (41) and 2015 (39). Ultimately, this is unlikely, as it would take a massacre to catch up to the record high in 2017 when 99bitcoins.com recorded a staggering 124 deaths.
A Brief History of 99bitcoins.com
“[Bitcoin] cannot operate as a reliable inflation hedge, and, worst of all, does not constitute, not even remotely, a (safe) haven for one’s investments, shield against government tyranny, or tail protection vehicle for catastrophic episodes, the Black Swan Bitcoin failed to satisfy the notion of currency without government.”– Author of the first documented Bitcoin obituary, Nassim Nicholas Taleb. From his first obituary in 2010 entitled “Why Bitcoin Can’t be a Currency.”
The first BTC death narrative/obituary can be traced back to December 15, 2010. Fast forward to today, and we received word that BTC had died just recently on June 21. However, this is nothing new, and it is guaranteed to be an ongoing trend as BTC and cryptocurrency as a whole continue the inevitable rise to mainstream popularity.
Well, it may be a ways off from its ATH, but not quite zero – at the time of writing, Bitcoin is trading at just over $33,000 per coin.
Ultimately, it is safe to say that many journalists at the forefront of the crypto-verse are ill-informed. Either that, or they are intentionally pouncing on the chance to use their platforms for spreading fear, uncertainty, and, last but not least, the kryptonite of long-term investors: doubt. If this is the case, one can be sure they are only taking these dull moments in crypto to spread falsities and further line their bags at a discounted rate.
DYOR (do your own research), and arm yourself with the proper education. That way, no level of FUD will be able to dissuade you. Ten years ago, the same authors writing articles about the Bitcoin death narrative are still doing so today. If there were ever a metric that the people who understand the disruptive nature of blockchain technology and cryptocurrencies like BTC are playing the long game, that would be the one.
For those who need a little reminder as to why almost twelve years after the fact, BTC is more popular than ever and here to stay, the original Bitcoin whitepaper can be read online – click here. The BTC whitepaper was published by Satoshi Nakomoto back in 2008 on the bitcointalks.com forum.
Lastly, if you have not yet read the original BTC whitepaper, I suggest taking the time to absorb the 8-page document, as it could even potentially change your life! Twenty minutes is a small price to pay for understanding something that can give you an edge as we venture further into the tumultuous trend of global economic uncertainty and market volatility.
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