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2022 Bitcoin Obituaries List Outpaces First 3 Years, Schiff Says Its ‘Highly Likely Bitcoin Will Crash Below $10K’

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2022 Bitcoin Obituaries List Outpaces First 3 Years, Schiff Says Its ‘Highly Likely Bitcoin Will Crash Below $10K'

While bitcoin’s price has dropped to levels not seen since January 2022, a number of detractors think bitcoin is on its death bed. Data stemming from the Bitcoin Obituaries list shows the leading crypto has died seven times in 2022, outpacing the first three years of obituaries by year written 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 List in 2022 Surpasses First 3 Years of So-Called Deaths 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.”

As the years continued, bitcoin obituaries were published more often, and during the bull run of 2017, there was 124 bitcoin obituaries added to the web portal. The following year in 2018, bitcoin died 93 times, and in 2019, only 41 deaths were recorded. 2020 saw a smaller number of bitcoin obituaries, as the year only saw 14 listed on the website. In 2021, bitcoin obituaries picked up the pace again, and the leading crypto asset saw 47 obituaries written about its so-called demise.

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. The last obituary listed on 99bitcoins.com was written by the British financial journalist and columnist for the Financial Times (FT), John Plender. The post listed as: “Bitcoin Will Run Out of Greater Fools,” quotes Plender’s statements from his April editorial. While Plender does not believe in bitcoin, the FT columnist does think blockchain is a powerful technology.

“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:

As for the important cultural dimension of the argument, bitcoin, frankincense and myrrh lacks a certain ring. The supply of greater fools will in due course run out.

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

While bitcoin is not dead, the cryptocurrency still has many detractors like the Iranian-American economist Nouriel Roubini, and the economist and gold bug Peter Schiff. The gold bug Schiff believes bitcoin and other crypto assets will keep falling in value. Schiff recently held 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.”

 

Schiff then left a poll in his Twitter thread that gives people some choices on what they would do. 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. Roughly 10.4% of the surveyed participants said they would sell bitcoin and would 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 said on Monday. “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? Let us know what you think about this subject in the comments section below.

There Are Now Twice as Many 2021 ‘Bitcoin Deaths’ Compared to 2020’s BTC Obituaries List

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There's Now Twice as Many 2021 'Bitcoin Deaths' Compared to 2020's BTC Obituaries List

Bitcoin is down in value 45% since the crypto asset’s all-time high (ATH) three months ago and the downward movement has ignited significant speculation about another bear market. Other skeptics believe that bitcoin has died, as the web page that hosts bitcoin obituaries indicates 2021 bitcoin deaths have doubled in comparison to all the bitcoin obituaries in 2020.

According to Skeptics Bitcoin Has Died 29 Times This Year

The price of bitcoin (BTC) is lower than it was three months ago when the crypto asset touched an ATH of $64,895 per unit roughly 90 days ago. Since then, BTC has been consolidating above the $30K region and many are uncertain of what prices will come next.

Then there are those who are certain that bitcoin is dead or at the very least prepping for its own funeral as they believe the value is surely headed to zero. The infamous bitcoin obituaries web page, hosted on 99bitcoins.com, showcases these types of “bitcoin is dead” skeptics who have written long bitcoin eulogies since 2010.

Bitcoin obituaries have doubled in 2021, in comparison to last year, which indicates that critics are more willing to pounce on the crypto asset’s market slides. There were 14 bitcoin deaths recorded by 99bitcoins.com in 2020 and today there are 29 deaths for 2021.

As of today, there are roughly six months left until 2022, and this year’s BTC deaths record may compete with years like 2019 (41) and 2015 (39). It will take a lot of deaths for bitcoin to catch up to the record high in 2017 when 99bitcoins.com recorded 124 deaths.

There Are Now Twice as Many 2021 'Bitcoin Deaths' Compared to 2020's BTC Obituaries List
2021 bitcoin obituaries chart on June 30, 2021. Bitcoin died 29 times this year so far, while bitcoin died 14 times in 2020. Since 2010 up until the last day of June, bitcoin has died 422 times, according to 99bitcoins.com stats.

The very first bitcoin obituary was recorded on December 15, 2010, and the author’s decade-old eulogy was called “Why Bitcoin can’t be a currency.” Fast forward to today and bitcoin died just recently on June 21, when the renowned author Nassim Nicholas Taleb wrote a summary of bitcoin’s failures called “BTC Is Worth Exactly Zero.”

“In its current version, in spite of the hype, bitcoin failed to satisfy the notion of ‘currency without government’ (it proved to not even be a currency at all), can be neither a short or long term store of value (its expected value is no higher than 0),” Taleb said.

“[Bitcoin] cannot operate as a reliable inflation hedge, and, worst of all, does not constitute, not even remotely, safe haven for one’s investments, shield against government tyranny, or tail protection vehicle for catastrophic episodes,” the “Black Swan” novelist further stressed.

On Youtube, economist Maurice Hoefgen gives the bitcoin obituaries web portal its next death that precedes Taleb’s scathing review. Hoefgen in his interview with DW News on June 17, says bitcoin doesn’t have good characteristics of money. The economist wholeheartedly believes that “Over the long term bitcoin will fail.”

The 27 other 2021 bitcoin obituaries all have similar reasons as to why BTC is resting in its casket and prepping for a funeral service. Reasons such as volatility, scarcity, speculation, hype, criminal use, government crackdowns, and environmental arguments are the main talking points in these eulogies.

Economist Paul Krugman and Author JP Koning Don’t Think Bitcoin Is Dead but Now Consider It a ‘Natural Ponzi Scheme’

Many bitcoiners would say that it’s safe to say that bitcoin is not dead. However, it’s guaranteed to be doubted and considered a complete failure along the way by pessimists who don’t understand Satoshi’s creation.

Even the fax machine-loving Nobel laureate and economist, Paul Krugman, took a crack at the crypto asset this week. Krugman didn’t say BTC was dead but referred to JP Koning’s critique and called it a natural Ponzi scheme.

“Nice essay via Ftalphaville,” Krugman said. “Bitcoin has clearly failed in its mission to become money, but its value is sustained because it has become a sort of natural Ponzi scheme.” However, not everyone appreciated Krugman’s borrowed assessment from Koning’s essay.

“Honest question: is there any example of a Ponzi scheme which had a second major rally to new ATH’s after the first growth phase collapsed?” Shapeshift founder Erik Voorhees asked in response to Krugman’s tweet.

What do you think about the quantity of bitcoin obituaries doubling in 2021? What do you think about the statements from Paul Krugman? Let us know what you think about these subjects in the comments section below.

Bitcoin Obituaries Lists Another Crypto Eulogy, 2020 BTC Deaths in the Single Digits

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Bitcoin Obituaries Lists Another Crypto Eulogy, 2020 BTC Deaths in the Single Digits

The infamous “Bitcoin Obituaries” has seen another addition to the long list of deaths since bitcoin’s oldest death on December 15, 2010. According to the list of articles with 382 deaths to-date, bitcoin was declared dead again on September 4, 2020.

Ever since Satoshi Nakamoto released the decentralized network, a number of people have doubted bitcoin and over the years some individuals have deemed the project “dead.”

Famous people, journalists, economists, luminaries, and many more have written long-winded essays on why the cryptocurrency is sure to fail. The website 99 Bitcoins maintains a list of “Bitcoin Obituaries” collected over the years and so far there’s been 382 deaths in total.

This past weekend the crypto economy slid in value considerably, as a number of digital currencies lost between 15-35% during the last seven days. Out of the top ten coins in terms of market capitalization, binance coin (BNB) staved off the market rout by only losing 12% and bitcoin (BTC) lost a touch over 16%.

The rest of the top ten crypto assets lost a much larger percentage, as coins like ETH and DOT lost close to 30%. Despite this, another bitcoin obituary was listed on September 4, when BTC dropped to $10,500 per coin.

The death stems from the web portal Newsbtc and it was written by Uri Shalev who titled the article: “Bitcoin is Worthless in Long-term.” Shalev says that even Warren Buffet won’t go near the crypto asset and BTC must be a bubble.

“In contrast, bitcoin or other digital currencies are very likely worthless in the long term, and those are the kind of assets that investing legend Warren Buffet won’t touch,” Shalev writes. “It’s these latter kinds of assets that have a greater chance to be in bubble territory because they don’t generate cash flow to support their valuations.”

Of course, most crypto proponents understand that bitcoin is not dead and the digital asset has seen much bigger losses than a mere seven-day 16% cut. In fact, the “Bitcoin Obituaries” list has gotten lighter over the years, as 2020 has only seen three deaths total with Shalev’s piece included.

2017 saw the greatest number of bitcoin deaths with 124 that year, but it dropped to 93 in 2018. The bitcoin obituary metric then chopped in half in 2019, as last year only saw 41 deaths.

2020 has been a crazy year, in general, with the faltering global economy and Covid-19 outbreak that plagued the world. Despite this tumultuous year, 2020’s death list, at least so far, is much lighter than most years and could compare to 2010, 2011, 2012’s single-digit numbers.

What do you think about bitcoin’s latest ‘death’ and the catalog of bitcoin obituaries over the years? Let us know what you think in the comments section below.

The post Bitcoin Obituaries Lists Another Crypto Eulogy, 2020 BTC Deaths in the Single Digits appeared first on Bitcoin News.