Although bitcoin’s price has fallen to levels not seen since January 2022, a number of detractors believe bitcoin is on its deathbed. Data from a list of bitcoin obituaries shows that the leading cryptocurrency died seven times in 2022, surpassing the first three years in the number of obituaries written by bitcoin haters. The latest obituary on bitcoin, written by financial journalist John Plender, argues that the leading crypto-asset is following the “more fools” scenario.
The list of bitcoin obituaries in 2022 surpasses the first 3 years of so-called deaths by year
During the 13 years of bitcoin’s existence, many journalists, economists, analysts and financial experts considered it “dead” or “very close to death.” In fact, such opinions are so common that the team at 99bitcoins.com has compiled a list called “Bitcoin Obituaries” The data from the site shows that bitcoin (BTC) has died 447 times since the list began in 2010. This particular opinion that bitcoin is dead was written on December 15, 2010 in a post titled: “Why bitcoin can’t be a currency“
As the years passed, bitcoin obituaries were published more frequently, and during the 2017 bull run, 124 bitcoin obituaries were added to the web portal. The following year, 2018, bitcoin died 93 times, and 2019 saw only 41 deaths. In 2020, the number of bitcoin obituaries decreased, with only 14 obituaries appearing on the site during the year. In 2021, bitcoin obituaries picked up the pace again, with 47 obituaries written about the so-called demise of the leading crypto-asset.
In 2022 there were only seven obituaries about bitcoin, but the year is not over, and it has surpassed 2010, 2011 and 2012 in the number of annual obituaries. The price of bitcoin has experienced a downturn in recent weeks, and it is possible that more bitcoin obituaries will appear this year. The latest obituary on 99bitcoins.com was written by British financial journalist and Financial Times (FT) columnist John Plender. The post listed as: “Bitcoin doesn’t have enough big fools,” quoting Plender’s remarks from his April editorial. Although Plender doesn’t believe in bitcoin, the FT columnist thinks blockchain is a powerful technology.
“There’s no denying the astounding power of blockchain technology here and now,” Plender writes in his editorial. the FT editorial “Yet bitcoin is intangible, risky and incomprehensible to most people. While it is increasingly gaining acceptance among professional investors, its results this year make it hard to believe that it can dethrone gold from its position as the ultimate scare money hole.” The financial journalist adds:
As to the important cultural aspect of the argument, bitcoin, frankincense and myrrh lack a certain ring. The stock of big fools will eventually run out.”
Peter Schiff says bitcoin prices below $10K are “very likely,” a recent Schiff poll shows that 54% of 37,000 people say they would still do HODL
While bitcoin is not dead, the cryptocurrency still has many detractors, such as Iranian-American economist Nouriel Roubini and economist and “gold bug” Peter Schiff. Goldsmith Schiff believes that bitcoin and other crypto-assets will continue to fall in value. Schiff recently took a Twitter poll after he said: “If bitcoin decisively breaks below $30K, it seems very likely that it will collapse below $10K.” Schiff then added that this means that any BTC holder has an important decision to make. “What will you do.” Schiff asked. “You better make a decision now so you don’t panic and make a hasty decision.”
Schiff then left a poll on his Twitter asking people to choose what they would do. The first choice, “it won’t go below $30K,” got 19.6% of the 37,000 votes. 54.5% said they would “HODL” and 15.5% said they would sell and buy lower. About 10.4% of survey participants said they would sell bitcoin and not buy again. Bitcoin will always be dead in Schiff’s eyes, and he truly believes that the precious metal gold will continue to rise.
“Bitcoin’s 6% drop over the weekend was actually a leading indicator of weakness in other risk assets as stock market futures traded down 1%,” Schiff said on Monday. “Once investors realize that a Fed rate hike will lead to a recession but not a significant drop in inflation, gold will take off,” the bitcoin detractor added.
What do you think of the bitcoin obituary list posted at 99bitcoins.com and John Plender’s opinion. What do you think of Peter Schiff’s opinion of bitcoin and his recent Twitter poll. Let us know what you think about it in the comments section below.
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