This Bitcoin Infographic shows 56 most interesting stories Bitcoin’s “obituaries” or “deaths” since 2010.
People really shouldn’t be surprised that with the Internet, came digitized money. But despite its convenience, cryptocurrency has faced pushback, with multiple people predicting its eventual demise. Major economists and top business minds have continued to speak about the “death of Bitcoin”, and in the end, their predictions never seem to come true.
Bitcoin is the largest cryptocurrency around, and it has been the victim of numerous “deaths” in the past decade. Bitcoin has suffered through so many deaths that there’s even a page solely dedicated to its many obituaries. Despite these deaths, Bitcoin has managed to resurrect itself every single time, and after 380 deaths, you’d think people would stop attempting to memorialize it.
What makes bitcoin and other cryptocurrencies that have been created after it so popular is that they are not tied to a bank, which makes the transaction of these currencies completely free. This was the main idea that bitcoin was created on, and so far it is staying true to that idea as nobody owns bitcoin while a lot of people possess it and use it for various trades that don’t require any special tax fees or anything similar to that.
There’s no better way to celebrate Bitcoin’s long, perpetually resurrecting life than to look back on some of the most iconic statements regarding its deaths.
“Either it will remain a novelty forever or it will transition from novelty status to dead faster than you can blink.” – The Underground Economist
According to Bitcoin Obituaries, the first recorded Bitcoin death was on December 15, 2010. This particular death was delivered on a website called The Underground Economist, in an article that detailed precisely why the author thought Bitcoin had no future. In a great twist of irony, Bitcoin has since outlived this website.
“Bitcoin is literally worth nothing — Bitcoin has no chance of success because it’s worthless. It has nothing backing it but an illusion; no gold or silver or even a decree that it’s legal tender. It has no intrinsic value and no one needs it.” – Anthony Garcia
In 2017, the Bitcoin market did remarkably well despite its several deaths, and people expected that excellent fortune to transfer onto 2018. Unfortunately, it wasn’t the case, because Bitcoin died 90 times that year. Anthony Garcia announced Bitcoin’s last 2018 death by saying it’s “literally worth nothing”. Countering this close-ended pronouncement, Forbes.com published an article by economist Panos Mourdoukoutas that predicted Bitcoin’s return as the dominator of the cryptocurrency market. Two years after Garcia’s article, Bitcoin is still alive and kicking.
“If you want to buy Bitcoin, be prepared to lose all your money. If you want to buy it — buy it, but understand what’s you’ve got. It has no intrinsic value.” – Andrew Bailey
Bitcoin’s most recent death was pronounced on March 4, 2020. Andrew Bailey, the governor of the Bank of England, said that “Bitcoin has not caught on much” and that it has “no intrinsic value”. Although Bailey warns of Bitcoin’s volatility, crypto analysts such as Tone Vays predicts that its 2020 run will be much better than the unfortunately stunted momentum of 2019. In an interview with Forbes, Vays says that this year, Bitcoin is moving at a slower pace, but with more order than the previous year. According to Vays, 2019’s performance didn’t seem right, mainly because of its sudden surge past $13,000. “Price is king, and the price did not make sense,” he said. Crypto trader Willy Woo also says that this year’s surge is more organic, and therefore more sustainable than the last.
Bitcoin has been “killed” so many times
Bitcoin has been “killed” so many times, so why won’t it stay dead? This question was answered in a detailed article by Wendy McElroy on Bitcoin.com. One of its more poetic-sounding explanations was provided by economist Nassim Taleb’s concept of “antifragility”. Antifragility thrives in volatile environments, and critics have made it clear that they view Bitcoin as such. Taleb recognizes that central banks are “a perfect monoculture”, and that they function with the same centralized model. Contrary to the banking norm, Bitcoin is decentralized and does not rely on third parties, and that is where its appeal lies. Bitcoin’s decentralization is its antifragility, giving it the ability to improve with every challenge it faces.
Of course, government bodies could attempt to impose a ban on cryptocurrency. But this will lead to one of the most common outcomes of censorship and restriction: it will only drive its value up. Something about illegality makes items more appealing to the masses, as is the case with contraband, or even in something as innocent as a Kinder Egg. On this note, critics should think twice about advocating for a ban on cryptocurrency, because they only risk giving it more power than it already has.
Many people have tried to propose ways of finally killing Bitcoin and all other cryptocurrencies that came with it. But can it be killed? Realistically speaking, it can’t. Aiming for Bitcoin’s ultimate demise would require a considerable amount of effort that must be coordinated with everyone. Countries and other group entities have varying views on Bitcoin; some have wholly shunned it, while others welcome it with open arms. This makes a worldwide effort to ban cryptocurrencies harder than what is realistically possible. Leaving behind even a single Bitcoin network is out of the question since this will open the possibility of Bitcoin resurrecting once again.
Bitcoin will continue to have many more obituaries written, but the result will always be the same. The cryptocurrency will prove itself as the dominant currency of the future.