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Bitcoin: The Cat with 90 Lives

the year 2018 has experienced an abundance of negativity, with cryptocurrency detractors predicting the imminent collapse of digital currencies led by Bitcoin’s decline and fall.

Bitcoin’s late recovery towards the final days leading up to the festive season served as a reminder to critics that the world’s most used cryptocurrency and its followers weren’t going anywhere any time soon.

According to the Bitcoin Obituaries webpage, the cryptocurrency has “died” 90 times in 2018. That becomes 336 times that the flagship cryptocurrency had died over the past decade since Bitcoin came into being in the hands of those known Satoshi.

Since then it has been, hyped, blown out of the water, predicted to soar into the millions of dollars or left for dead. It’s been a media circus. The Bitcoin Obituaries webpage hosted on the site 99 Bitcoins has seen 90 death claims occur through the many bearish moments that Bitcoin has had to endure in what has been a difficult year.

The last death call of 2018 by Seeking Alpha author Anthony Garcia titled ‘Bitcoin: the decline is fundamental, unsolvable, and the end of BTC’. It predicted the end was nigh… again.

“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.”

Other comments worth mentioning, if only for FUD rhetoric, include Nouriel Roubini’s (aka Dr Doom) remarks in October when he referred to crypto enthusiasts as “scoundrels” and saying that “Bitcoin has been called the ‘mother of all bubbles’”.

The oldest of these obituaries written in 2010, according to 99 Bitcoins, claimed that the asset then sitting at USD 0.23 would never become a currency, stating: “Either it will remain a novelty forever or it will transition from novelty status to dead faster than you can blink.”

Many blinks later, Bitcoin is sitting at USD 3,806.50, used all over the world for transactions and being considered by some of the world’s largest banking institutions.

Time to think again, maybe? Predictions can be embarrassing when they catch up with reality.

 

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