The Decline of Bitcoin Obituaries in 2023
In 2023, there were only eight declarations of bitcoin’s demise, according to the Bitcoin Obituaries list on 99bitcoins.com. This is one of the lowest counts in recent years, with only one in 2010, six in 2011, and one in 2012. The first proclamation in 2023 came from ex-SEC official John Reed Stark and CNBC TV personality Jim Cramer. Interestingly, Cramer has since changed his stance and now believes that bitcoin is here to stay. Other individuals who made death calls for bitcoin in 2023 include Peter Zeihan, Jamie Dimon, and Chamath Palihapitiya.
One notable critic of bitcoin, finance journalist Harvey Jones, declared it fraudulent and the worst thing to happen to the investment world. However, the final eulogy of 2023 came from crypto advocate Arthur Hayes, who warned that a spot bitcoin ETF could destroy bitcoin. Hayes speculated that if bitcoin becomes controlled by a select few entities, it would die and pave the way for another cryptocurrency to take its place.
Bitcoin Obituaries Through the Years
Since 2010, there have been a total of 475 bitcoin obituaries. The peak was in 2017 with 124 obituaries, followed by 93 in 2018. The numbers dropped to 41 in 2019 and 14 in 2020 despite the challenges of the Covid-19 pandemic. Although the narrative of bitcoin’s demise continues, it remains resilient and increasingly accepted in the mainstream.
Hot Take: The Enduring Narrative of Bitcoin’s Demise
Despite the decreasing number of bitcoin obituaries in 2023, the belief in bitcoin’s demise persists. Critics from various fields continue to proclaim its end, while others recognize its staying power. As the digital currency landscape evolves, the question of bitcoin’s future remains. Will it succumb to regulatory control and lose its decentralized nature, or will it continue to grow and pave the way for other cryptocurrencies? Only time will tell. But for now, bitcoin soldiers on, defying the expectations of its skeptics.
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