Bitcoin (BTC), the flagship asset of the cryptocurrency industry, has achieved remarkable success and widespread acceptance. However, Despite the significant achievements of Bitcoin, there are prominent critics who argue that it lacks inherent value.

According to data obtained from 99bitcoins, a cryptocurrency information platform, Bitcoin has faced 474 death declarations since its launch a decade ago, with 7 being made by prominent figures this year alone.

As per 99Bitcoins, for a declaration to qualify to be on the so-called “Bitcoin obituaries”, it must be produced by an individual with a notable following or a site with substantial traffic. It must also state explicitly that Bitcoin is or will become worthless without any ambiguous language such as “maybe” or “could.”

One of the earliest recorded predictions of Bitcoin’s demise dates back to December 15, 2010, when businessman Jordan Tuwiner, in an article titled “Why Bitcoin Can’t Be a Currency-The Underground Economist” expressed scepticism about its future. Notably, Bitcoin was trading at a mere $0.23 at the time of his post. Fortunately, Tuwiner recognized Bitcoin’s potential and subsequently changed his stance. He went on to found BuyBitcoinWorldwide in 2015, an educational resource for individuals interested in purchasing Bitcoin and entering the world of cryptocurrencies.

Interestingly, Bitcoin was even declared dead during its peak success in November 2021, when its price reached $67,567. Sam Leith of The Spectator wrote an article titled “The Bitcoin Delusion”, drawing a comparison between Bitcoin and a ticking time bomb.

Other notable figures have also made pessimistic statements about Bitcoin, including TV personality Jim Cramer and former SEC attorney John Reed Stark referred to cryptocurrency as a “big hustle”, JPMorgan Chase CEO Jamie Dimon, who called Bitcoin a “hyped-up fraud”, and geopolitical analyst Peter Zeihan who said “bitcoin will probably go negative” on the Joe Rogan podcast in January.

As per 99Bitcoins, the latest Bitcoin Euology comes from renowned tech investor Chamath Palihapitiya who stated in April that “Crypto is dead in America” when the price of Bitcoin was at $27,817.

Despite the numerous death declarations and negative sentiment expressed by these critics, Bitcoin has continued to demonstrate resilience and positive market performance. Notably, since the first recorded declaration by Tuwiner in 2010, Bitcoin’s value has surged over 11,700,000%.

That said, various individuals have predicted Bitcoin is poised to grow further, with experts such as Ari Paul, the CIO of blockchain firm BlockTower and Bloomberg’s senior commodity strategist Mike McGlone, predicting that its price will reach $100,000 soon.

Meanwhile, at press time, Bitcoin was trading at $27,164 up roughly 1% in the past 24 hours. Notably, since January 1st, the cryptocurrency has surged about 65%, restoring optimism in the market.

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Filed under: Bitcoin - @ June 2, 2023 6:54 pm