Is Bitcoin Dead? Explained
Bitcoin was the first cryptocurrency ever created and was introduced in October 2008. Satoshi Nakamoto, an alias for the creator of Bitcoin, first introduced BTC’s white paper titled, ‘Bitcoin: A Peer-to-Peer Electronic Cash System,’
Bitcoin has always been heavily criticized by people, analysts, and governments. Most critics focus on illegal transactions or BTC’s price volatility, and many analysts have called Bitcoin a speculative bubble for years. Many people have tried to predict the death of BTC only to be proven wrong eventually.
The First Time Someone Tried to Predict Bitcoin’s Death – 2010
The Underground Economist publication was perhaps the first-ever to state that BTC will die in the near future. The post was published in 2010 and stated that the only thing that has kept Bitcoin alive was its novelty. ‘Either it will remain a novelty forever, or it will transition from novelty status to dead faster than you can blink.’
BTC was worth around $0.23 when the article was posted back in 2010/12/15 and went on a pretty significant rally shortly after peaking at $1.06 in February 2011 and $7.48 in May.
This Really is the End of Bitcoin – 2011-2012
As BTC’s price continued to increase, so did its haters. Many people and platforms tried to predict Bitcoin’s death in 2011. One of the most notable cases was Forbes.
According to ‘So, That’s the End of Bitcoin Then’ publication back in June 20, 2011, the end of Bitcoin was supposedly quite close.
‘The Bitcoin community faced another crisis on Sunday afternoon as the price of the currency on the most popular exchange, Mt.Gox, fell from $17 to pennies in a matter of minutes. No, the doesn’t necessarily mean the end of the Bitcoin experiment, but it’s a pretty good indication of it.’
BTC did experience a significant price collapse because one user simply sold more Bitcoins than buy orders could handle; however, the price did recover eventually, although BTC faced a considerable downtrend for the next year.
Bitcoin’s Bubble Has to Explode at Some Point, Right? – 2013-2014
Bitcoin experienced one of its biggest bull runs ever in 2013. The digital currency started trading at around $13 at the beginning of 2013 and peaked at $181 only four months later, however, this was only the start of the next massive pump in November 2013 when BTC went from $200 up to $1,132 in less than one month.
Of course, this led to all sorts of predictions about when BTC will crash back down. One of the most outrageous predictions was made by Business Insider, which stated that ‘Bitcoin will crash to $10 by mid-2014, ‘ which basically implied the death of the digital asset. Bitcoin did crash but only to around $550 by mid-2014.
This crash, again, incited many analysts to comment on the volatility of BTC and what was going to happen next. According to the Washington Post, BTC’s financial network was doomed.
The article, posted in December 2014, stated that regulators would no longer tolerate Bitcoin, and the digital asset would eventually be forgotten as it would not be a threat to Visa or Mastercard anymore.
The price of BTC continued to trade more or less sideways until March 2017 when it finally reached the all-time high again.
Another Bitcoin Bubble? No Way, this Time is Really the End of Bitcoin – 2017-2018
The craziest bull run Bitcoin, and the whole cryptocurrency market experienced happened by the end of 2017. BTC was worth around $1,000 at the beginning of 2017 and went on a massive rally up to almost $20,000 by the end of the year. Of course, this drew the attention of everyone, including famous people, big news media channels and others.
BTC was worth around $16,000 when Forbes posted ‘The Great Bitcoin Scam’ article. The article stated that Bitcoin is really just a ‘number’ basically trying to say that Bitcoin has no intrinsic value.
‘So, Bitcoin may be limited to 21 million numbers, but that doesn’t mean that somebody else can’t come up with a similar algorithm and thereby create their own unique set of numbers, i.e., their own cybercurrency’ says Jay Adkisson which clearly didn’t really understand how cryptocurrencies worked. His problem with BTC was basically that other cryptocurrencies could be created, and they can be infinite, but that’s also the case with Fiat currencies.
Bitcoin did eventually crash in 2018 and went on a massive bear market. Of course, BTC haters took advantage of it to write a few more articles about Bitcoin’s imminent death.
CNBC posted an article named ‘I come to bury Bitcoin, not to praise it’ and stated that Bitcoin was about to die because of the lack of regulations and hype.
This wasn’t the case, of course, as BTC eventually recovered in 2019 and peaked at $13,000 in June.
Famous Haters of Bitcoin
There are many people who passionately hate Bitcoin, and they are certainly still waiting for its death. One of the most prominent examples is Nouriel Roubini, aka ‘Dr.Doom’.
Dr. Doom is an American economist that has constantly been attacking BTC, tweeting every time the price goes down or attacking Bitcoin defenders.
“I’d take the U.S. dollar over any one of your s***coins,”
Warren Buffett, Not a Fan
Every time Warren Buffett is asked about Bitcoin, he usually responds by saying that it is useless, a ‘gambling device’ or ‘rat poison squared’. The multi-billionaire investor clearly doesn’t like Bitcoin and hasn’t changed his mind; in fact, recently, it seems that his aversion to bitcoin has even increased.
“In terms of cryptocurrencies generally, I can say almost with certainty that they will come to a bad ending.”
John Oliver, TV Show Host and Bitcoin Hater
John Oliver is a British host on a top-rated TV show called Last Week Tonight. He wasn’t known to be a Bitcoin hater until only recently. John hit the headlines after an epic rant against cryptocurrencies and BTC.
“Bitcoin is everything you don’t understand about money combined with everything you don’t understand about computers.”
Jordan Belfort, The Real Wolf of Wall Street
The Wolf of Wall Street was a 2013 Oscar-nominated movie directed by Martin Scorsese and based on real events. The actual ‘wolf’ exists, and he doesn’t like Bitcoin. Belfort claimed that cryptocurrencies, in general, are nothing short of a fraud. You would think that it takes one to know one, but Jordan Belfort has been proven wrong several times.
“Bitcoin has had this big run-up to where it is now. What’s happening is that all these copycat cryptocurrencies are going out there, and there’s no regulation on the level of Bitcoin itself.”
Bitcoin and cryptocurrencies, in general, have been heavily criticized by almost everyone. Many have tried to predict the death of Bitcoin, but time has proven them wrong every time. This hasn’t stopped others from calling BTC a scam, and the digital asset is still facing a ton of criticism.
2019 has been an excellent year for Bitcoin, not only price-wise but also adoption. Blockchain technology has seen a significant increase in interest from businesses, investors, and even governments.
No one knows for sure whether Bitcoin will actually survive in the future. Cryptocurrencies are, in general, quite volatile, and they could actually die, however, one thing is sure, blockchain technology is here to stay.