As bitcoin and a number of crypto assets have dropped in value during the last two weeks, its seems that everyone’s hope for six-digit bitcoin prices has become unattainable. Bitcoin has increased more than 1500% year-to date, but critics and skeptics still believe bitcoin is dead. According to the famous bitcoin obituary lists, 2021 has the highest number of obituaries within a single year. This is actually tied with 2019.
Bitcoin Obituaries: 2019 Is Tied with 2021
Bitcoin (BTC), which reached a record price of $69K per unit on November 10, has fallen below $50K since then. After the crypto currency’s value drops during downturns, higher prices allow skeptics to proclaim bitcoin dead. BTC almost reached $20K per bitcoin in 2017, but the 99bitcoins.com bitcoin obituaries lists shows that there was 124 death that year.
BTC’s second-largest year of BTC obituaries, with 93 statements declaring that bitcoin had died, was 2018 This month, 2021 has tied 2019 for the third-largest number of bitcoin deaths in a year’s time. Following the crypto bear market after 2017’s all-time price high, 2019 captured an aggregate of 41 bitcoin obituaries. The same number of death sentences had been accumulated as 2021 by November 29th, 2021.
Bill Blain published the last BTC obituary on November 29 via capx.co. The bitcoin obituary is called “Bitcoin Is Nothing But A Ponzi Scheme,” and Blain claims cryptocurrencies also accelerate inflation.
Cryptocurrencies are a classic illustration of the economic theory of the ‘greater fool’…
Bitcoin is worthless if there aren’t more people to buy it from.
It doesn’t matter if someone has to tell you why something is money.#markets #investing #Crypto
— Bill Blain (@Bill_Blain) November 30, 2021
“Crypto is bogus, and is not money,” the bitcoin obituary written by Blain insists. “It’s far too volatile to be a store of value, it is scarce and not a unit of account. I could explain why it can’t work as money because it is likely to prove an inflationary accelerant, equivalent to pouring petrol on a fire.”
Bill Blain: ‘Regulators Will Be Exposed for Not Acting Earlier’
Blain claims that every once in awhile he studies the blockchain technology used to create digital assets. “Periodically, I delve into the myriad of utter rubbish that masquerades as the blockchain genius, the maths and computing logic behind cryptos,” Blain stresses in his opinion piece. “Read it yourself – it’s 10% fascinating and 90% utter garbage. Mathematical dyslexia puked out and dressed up as original thinking and ‘proof of concept.’” Blain’s scathing review of the crypto economy adds:
Because of the speed and ease with which the information can be spread around the world via social media, internet connectivity, and the internet, cryptos thrived. They’ve succeeded because regulators haven’t stopped them – hat-tip to the Chinese for being ahead of the regulatory pack in that regard. One day, every fool in the world will ask for his money back. Regulators will then be exposed.
Despite Blain’s opinion and the 40 other bitcoin obituaries that preceded his opinion editorial, bitcoin (BTC) is alive and well. There are not many assets that exist in this world that could be called “dead” or “near-deceased” after climbing more than 150% higher in value in 12 months. Blain also criticizes cryptocurrencies in general, many of which have seen their values swell by significantly larger percentages than BTC’s year-to-date gains.
The number of so-called bitcoin deaths in 2021 recorded on 99bitcoins.com is also much larger than BTC’s first four years of bitcoin obituaries combined. It is clear that critics and skepticals are getting more abrasive as BTC and crypto economies mature. While there’s been a lot of 2021 death calls, it seems as though they are just not strong enough theories to stop bitcoin from gathering another year’s worth of obituaries in 2022.
Are you surprised by the 41 death tolls on this year’s bitcoin obituaries? What do you think about Bill Blain’s recent opinion editorial? Comment below to let us know your thoughts on this topic.
Image creditShutterstock. Pixabay. Wiki commons. 99bitcoins.com. Twitter.
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