Bitcoin “died” 45 times at the end of 2021
As Bitcoin hits a new all-time high near $ 69,000 this year, global opponents of crypto increasingly condemn BTC for its extreme volatility and potential risks.
According to Bitcoin Obituaries data from 99Bitcoins, the largest cryptocurrency was declared “dead” 45 times by 2021, at least three times more than in 2020.
Despite a growing number of BTC critics this year, the number of obituaries is still significantly lower than it was in 2017, the year BTC first hit nearly $ 20,000. This year, Bitcoin “died” 124 times.
The BTC obituaries adopted by 99Bitcoins in 2010 contain statements in English, including content about the fact that Bitcoin “is or will be worthless”. To be considered an obituary, the content must have been created by someone with “a significant following or website with significant traffic”.
To date, a total of 438 obituaries have been written, with one of the most recent being written by Robert McCauley, an associate member of the Oxford University Faculty of History. In a post for the Financial Times, McCauley argued that BTC was “worse than a Madoff-style Ponzi scheme” and stated that BTC holders “will have no one to get their money back”.
Eswar Prasad, senior professor of international trade policy at Cornell University, previously predicted that “BTC may not last long even with the” growing promise of decentralized finance “.
As BTC opponents continue to bet on a bleak future, some analysts like Bloomberg commodities strategist Mike McGlone believe that BTC could hit $ 100,000 next year.
As previously reported, the crypto community has forecast that BTC will hit $ 100,000 by the end of 2021. After the debacle, some executives like Kraken’s Jesse Powell remain optimistic about BTC price over the long term.
At the time of writing, BTC is trading at $ 47,597, up about 70% over the past 365 days.
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