Bitcoin, the world’s pioneering cryptocurrency, seems to have defied naysayers yet again as it records its lowest number of “crypto obituaries” in a decade.
Mainstream media outlets have declared Bitcoin “dead” only seven times in 2023, a stark contrast to previous years when such declarations were more frequent. This data, provided by 99bitcoins’ BTC obituaries tracker and shared by industry expert Jameson Lopp, highlights Bitcoin’s remarkable resilience despite periodic market downturns and skepticism.
Bitcoin’s journey: From obituaries to resilience
Since 2010, Bitcoin has weathered 474 declarations of its demise, according to the BTC obituaries tracker. However, 2023 stands out with its minimal number of such proclamations.
The most recent “death” pronouncement came from Bitcoin advocate and billionaire tech investor Chamath Palihapitiya during an April 22 episode of the All-In podcast.
Palihapitiya’s statement was largely seen in concerns regarding regulatory overreach rather than Bitcoin’s fundamental value.
The tracker’s methodology includes adding Bitcoin obituaries if media content explicitly claims that BTC is or will be worthless. Furthermore, it only considers content produced by individuals with a notable following or from sites with substantial traffic.
A noteworthy trend revealed by the data is that over half of this year’s obituaries were recorded in January, coinciding with the depths of the crypto winter.
This surge in “crypto deaths” followed the catastrophic collapse of the FTX exchange just two months prior when Bitcoin was struggling to break above $17,000.
Interestingly, 2017 holds the highest number of Bitcoin obituaries at 124, even though the cryptocurrency reached its all-time high that year, surging to $20,000 in December. The third-highest number of obituaries occurred in 2021, another year marked by a cycle peak when Bitcoin reached an all-time high of $69,000 in November.
Bitcoin’s maturation and predictions for the future
Professional trader Oliver L. Velez noted the bell-shaped curve and the downward trend in Bitcoin obituaries. He commented, “There will be no Bitcoin obituaries in two to three more cycles (each cycle is 4 years). Saying BTC is going to die will be as silly as saying ‘air’ is going to fail. We are trending there.” Velez’s observation reflects the growing recognition of Bitcoin’s staying power and increasing acceptance in mainstream finance.
Bitcoin’s not alone: Ethereum faces similar criticisms
Bitcoin is not the only cryptocurrency to experience occasional death proclamations. Ethereum, the second-largest cryptocurrency by market capitalization, has also faced its fair share of skepticism. Critics have occasionally declared the “death of ETH,” which has garnered attention on crypto social media platforms.
Nevertheless, Ethereum advocate Anthony Sassano remains undeterred by the negativity. In response to the “death of the ETH party,” Sassano announced his commitment to the cryptocurrency by purchasing more of the asset. This move reflects the resilience and belief of many in the Ethereum ecosystem despite short-term challenges.
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