Rumors of Bitcoin’s Demise Decline Markedly in 2023
An educational website called 99 Bitcoins has been keeping track of “Bitcoin Obituaries” since 2010. This year, they have only found seven articles predicting the imminent demise of the currency.
The first obituary was written when the price of BTC was $0.23, and it stated that Bitcoin would either remain a novelty forever or die quickly.
During the peak of Bitcoin’s price at $20,000 in December 2017, there were 124 obituaries, and during the crypto winter the following year, there were 93. Last year, there were 27 obituaries. So this year’s count of seven is the lowest since 2012.
Among the obituary writers this year were Chamath Palihapitiya and Jamie Dimon. Palihapitiya claimed that crypto is dead in America, while Dimon called Bitcoin a hyped-up fraud.
However, Bitcoin is now on the verge of being approved by U.S. regulators for an ETF product. This development shows that Bitcoin is not considered a fraud by U.S. courts and regulators.
BTC X/Twitter Reacts
Casa CTO and co-founder Jameson Lopp created a graph showing the Bitcoin obituaries bubble that peaked in 2017. It seems that Bitcoin will outlive the obituary genre as an active form of journalism.
Another Bitcoin trader predicted that in two to three more cycles, there will be no more Bitcoin obituaries, and saying that Bitcoin will die will be as silly as saying “air” will fail.
Hot Take: The Declining Rumors of Bitcoin’s Demise
Bitcoin has faced many skeptics throughout its existence, with numerous predictions of its demise. However, in 2023, the number of articles predicting Bitcoin’s failure has significantly decreased. Despite criticism from notable figures such as Chamath Palihapitiya and Jamie Dimon, Bitcoin is gaining recognition from U.S. regulators who are considering approving an ETF product. The decreasing number of Bitcoin obituaries and the potential approval of an ETF signal a positive outlook for the cryptocurrency’s future.
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