While bitcoin’s price has dropped to levels not seen since January 2022, a number of detractors think bitcoin is on its death bed. The Bitcoin Obituaries data shows that the top crypto currency has passed away seven times in 2022. That’s more than any of the previous three years of obituaries authored by Bitcoin haters. The last obituary written about bitcoin, opined by the financial journalist, John Plender, claims the leading crypto asset follows the “greater fools” scenario.
Bitcoin Obituaries in 2022 List Surpasses the First 3 Year of So-Called Deads by Year
During the course of Bitcoin’s 13 years, the leading crypto asset has been deemed ‘dead’ or ‘extremely close to death’ by many journalists, economists, analysts, and financial experts. In fact, these types of opinions happen so much, that the team at 99bitcoins.com curated a list called the “Bitcoin Obituaries.” The data from the website shows bitcoin (BTC) has died 447 times since the list was started in 2010. That particular opinion that said bitcoin was dead was written on December 15, 2010 in a post called: “Why bitcoin can’t be a currency.”
Over the years, more bitcoin obituaries were added to this website. During the 2017 bull run, there was an additional 124. In 2018, bitcoin was killed 93 times. Only 41 deaths were reported in 2019. There were only 14 bitcoin obituaries listed on the website in 2020. Bitcoin obituaries picked back up in 2021. The most prominent crypto asset had 47 obituaries.
In 2022, there’s only been seven bitcoin obituaries recorded, but the year is not over and it has outpaced 2010, 2011, and 2012 by the number of yearly obituaries so far. Bitcoin’s price has experienced a downturn in recent weeks, and it’s quite possible even more bitcoin obituaries will be added this year. John Plender, a British columnist and financial journalist for the Financial Times (FT) wrote the last obituary on 99bitcoins.com. The post listed as: “Bitcoin Will Run Out of Greater Fools,” quotes Plender’s statements from his April editorial. Plender doesn’t believe in Bitcoin, but the columnist at FT believes that blockchain technology is a very powerful one.
“There can be no denying the astonishing power of blockchain technology, which is here to last,” Plender writes in his FT editorial. “Yet bitcoin is intangible, risky and incomprehensible to most human beings. While it is increasingly gaining acceptance among professional investors, its performance this year makes it hard to believe it can topple gold from its position as the ultimate bolt hole for frightened money.” The financial journalist adds:
The important cultural aspect of this argument is that bitcoin, myrrh, and frankincense lack a certain ring. There will soon be a shortage of larger fools.
Gold Bug Peter Schiff Says Sub-$10K Bitcoin Prices Are ‘Highly Likely,’ Schiff’s Recent Poll Shows 54% of 37,000 People Say They Will Still HODL
Bitcoin is not dead but it does have its critics like Nouriel Roubini an Iranian-American economist, as well as Peter Schiff who is an economist and goldbug. According to Schiff, the gold bug is convinced bitcoin and all crypto assets will fall in value. Schiff was recently a poll on Twitter after he said: “If bitcoin breaks decisively below $30K it seems highly likely that it will crash below $10K.” Schiff then added that this means any BTC holder has an important decision to make. “What will you do?” Schiff asked. “You had better decide now so you don’t panic and make a rash spur-of-the-moment decision.”
The poll was posted to Schiff’s Twitter thread. It allows people to choose what they want. Choice one was “it won’t break below $30K,” which received 19.6% of the 37,000 votes. 54.5% said they would “HODL,” and 15.5% said they would sell and buy lower. A little over 10% of those surveyed said that they would sell Bitcoin and not rebuy. In Schiff’s eyes bitcoin will always be dead, and he wholeheartedly believes the precious metal gold will continue to soar.
“The 6% weekend drop in bitcoin was in fact a leading indicator of weakness in other risk assets as stock market futures are trading down 1%,” Schiff saidMonday. “Once investors figure out that Fed rate hikes will result in recession but not a significant reduction in inflation, gold will soar,” the bitcoin detractor added.
What do you think about the Bitcoin Obituaries list hosted on 99bitcoins.com and John Plender’s opinion? What do you think about Peter Schiff’s opinion about bitcoin and his recent Twitter poll? Comment below to let us know your thoughts on this topic.
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