Bitcoin Survives Multiple Death Declarations in 2023
Despite facing numerous death declarations over the years, Bitcoin (BTC) continues to thrive and gain acceptance in mainstream finance. In fact, in 2023 alone, prominent critics of Bitcoin have declared it dead seven times, adding up to a total of 474 death declarations since its inception. These figures are based on data from the cryptocurrency market information platform, 99bitcoins.
The Latest Death Declaration
One of the most recent critics to declare Bitcoin dead is Chamath Palihapitiya, the founder and CEO of venture capital firm Social Capital. He made this claim on April 22 when Bitcoin was trading at $27,818. Interestingly, there have been no death declarations since then.
Other Critics
In mid-March, Robin Brooks, chief economist at the Institute of International Finance (IIF), referred to Bitcoin as a bubble with no value and vulnerable to US Federal Reserve policies when it was priced at $24,746. Earlier in February, Harvey Jones from the British outlet Daily Express called Bitcoin “a joke wrapped in a fraud” while Rober Park from Cincinnati Enquirer labeled it “the greatest Ponzi scheme of all time.”
Other notable critics include JPMorgan Chase CEO Jamie Dimon, geopolitical strategist Peter Zeihan, CNBC’s Jim Cramer, and former SEC attorney John Reed Stark.
Bitcoin’s Performance
Despite the criticism, Bitcoin’s price currently stands at $43,226 with a slight decline of 0.96% for the day. However, it has recorded a 5.12% increase over the week, a 14.26% advance over the month, and an impressive 159.01% growth on its yearly chart.
Hot Take: Bitcoin’s Resilience Proves Its Critics Wrong
Bitcoin’s ability to survive and thrive despite numerous death declarations demonstrates its resilience and longevity. Despite skeptics claiming it is dead, the cryptocurrency continues to gain acceptance in mainstream finance and attract investors. Its price performance, with steady increases throughout the year, further proves its strength as a decentralized financial asset. While critics may continue to doubt Bitcoin’s future, its track record speaks for itself. As the crypto reader, you should consider the potential of Bitcoin as a long-term investment opportunity.
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