“Bitcoin Dead”: Decline in Death Proclamations Shows Resilience of BTC
According to reports, the number of proclamations declaring the death of Bitcoin, commonly known as “Bitcoin Dead,” has dropped significantly in 2023, with only eight statements recorded. This data suggests that Bitcoin has shown resilience over the past year, considering that in 2021 and 2022, there were 47 and 27 death proclamations respectively.
The website 99bitcoins.com has compiled a list of Bitcoin obituaries since its inception, totaling 475 death proclamations. The year with the highest number of declarations was 2017, with a staggering 124 calls for the demise of the queen of cryptocurrencies.
In 2023, one of the eight reported statements came from crypto advocate Arthur Hayes, who warned about the potential destruction of Bitcoin if exchange-traded funds (ETFs) become too successful.
“Bitcoin Dead”: Decrease in Proclamations Highlights BTC’s Resilience
In addition to tracking death proclamations, Google Trends shows that interest in the query “Bitcoin is Dead” has decreased. In June 2022, it reached a peak score of 100 out of 100, but by the last week of December 2023, it had dropped to a score of 29 out of 100.
This decline in death proclamations compared to previous years suggests that Bitcoin is proving its resilience. While some still doubt its future, many more believe that Bitcoin is here to stay and have a long-term vision for the asset.
Positive Forecasts for BTC Price
As the number of death predictions decreases, there is an increasing number of optimistic price forecasts for Bitcoin. In 2024, the fourth bitcoin halving is set to take place in April, and the approval of the first Bitcoin spot ETFs by the SEC of the USA is expected in January 2024.
These two developments have led financial industry figures to share their positive predictions for the price of Bitcoin. Bloomberg, for example, has predicted that BTC could be worth over $500,000.
Hot Take: Bitcoin’s Resilience Proves Critics Wrong
The decline in death proclamations and the increasing number of positive price forecasts for Bitcoin demonstrate the resilience and long-term potential of the cryptocurrency. Despite skeptics who doubt its future, Bitcoin continues to show strength and attract support from industry experts. As we enter 2024 with anticipation for key events like the bitcoin halving and the approval of ETFs, it becomes clear that Bitcoin is far from dead. Its journey may face challenges, but its staying power is evident.
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