While Bitcoin (BTC), the highest rated crypt currency by market capitalization, moves up to USD 10,000, it continues to prove wrong those detractors who have falsely proclaimed its imminent demise.
In fact, as noted in a May 8 tweet from CoinCorner CEO Danny Scott, the first website to declare Bitcoin’s death in 2010 no longer exists.
Bitcoin Challenges Naysayers for More Than a Decade
At first, there was Bitcoin. Then followed a seemingly endless stream of entities queuing up to proclaim him dead, or worthless, or „a scam“, or even „rat poison squared“.
JPMorgan CEO Jamie Dimon returns to the Bitcoin attack and calls cryptomontage a ’scam‘.
Unfortunately for all those detractors, Bitcoin is still alive, kicking and stronger than ever as it approaches its third halving event.
According to the Bitcoin Obituary page, Bitcoin Revolution, Immediate Edge, Bitcoin Trader, Bitcoin Profit, Bitcoin Code, Bitcoin Circuit, Bitcoin Evolution, Bitcoin Era, Bitcoin Billionaire, The News Spy has been proclaimed dead 380 times since it began in 2008. The first was on December 15, 2010, when the price of BTC was only USD 0.23, and The Underground Economist published an article titled „Why Bitcoin Can’t Be a Currency“.
Fortunately, Wayback Machine has an archive of this article, because unfortunately The Underground Economist’s website is no longer with us.
Warren Buffett and Charlie Munger beat up Bitcoin again, resorting to primary school insults
Oh, I’m still alive.
In many ways, the article is quite prophetic for its time, defining the possibility that
People won’t spend their Bitcoin anyway because they’re making a lot of money just by owning it.
However, it also predicted that when people started taking their profits, it would push Bitcoin into a death spiral. After all:
The supply of Bitcoin is fixed and has no use other than as currency. I doubt that prices will have much chance of going up, as this will happen very quickly.
The Crypto Chance of the Coronavirus
He concluded that Bitcoin had been purely based on its novelty value. Although if that’s correct, that would make it new today.
The only thing that has kept Bitcoin alive for so long is its novelty. Either it will remain new forever, or it will go from being new to dead faster than you can blink.
Oops. As Scott says in his tweet, „Don’t rule out the honey badger.“