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Bitcoin: analysis of the 452 times in which it has died or has had no value

Bitcoin: analysis of the 452 times in which it has died or has had no value

Bitcoin.  (photo: ThirteenBits)
Bitcoin. (photo: ThirteenBits)

Bitcoin reached one of its all-time highs of $69,000 in November 2021 and since then, the cryptocurrency it has failed to break through and has lost two-thirds of its value; in fact, in the last week it reached USD $23,000 and generated an increase in comments and suggestions in the world.

For example, the American investor and entrepreneur, warren buffett, He recently stated the following: “If you owned all the bitcoin in the world and you offered it to me for $25, I wouldn’t buy it.”

This statement and others add up to more than 452 obituaries, according to the Bitcoin Obituaries archive, which stores moments when Bitcoin’s value has decreased because it has been said to be dead or worthless.

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Among the most significant historical falls that have declared the “death” of Bitcoin, there are those of 2017 and 2018 in the midst of the various events that this market has experienced, creating great opportunities to criticize cryptocurrencies. Its price volatility and its decentralized structure make it Bitcoin an easy target.

However, this situation is not new to the crypto industry and community. The volatility, from the simple point of view of the price, beyond the value, it is already in the DNA of Bitcoin. It can be inferred that there is no midpoint in the short term, but in the long term it is the strongest bullish asset and the most important trend of the last decade.

These were the main detractors of Bitcoin and its values

The first detractor was the portal The Underground Economist, who published an article titled Why can’t Bitcoin be a currency? On December 15, 2010, its price was USD$0.23.

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Eight years later, Morgan Stanley analyst, James Faucette, and his team sent a research note to a client stating that the real value of Bitcoin could be $0.

At the time, it reached one of the highest prices in history at $13.71. Christine Lagard, director of the International Monetary Fund (IMF), has predicted the death of most cryptocurrencies, arguing that they will not be able to survive the “process of creative destruction”. On April 18, 2018, it was priced at USD$8,044.

Christine Lagard.  (photo: The CEO)
Christine Lagard. (photo: The CEO)

In January 2020, the American economic commentator, peter schiff, stated that “Bitcoin is now inherently worthless and has no market value.” Schiff predicted that Bitcoin will drop below $1,000, saying that unlike all other asset classes, Bitcoin will not rise at the end of the fiscal year. Bitcoin was trading above $8,500.

Then in October 2021, JamieDimmon, the CEO of JPMorgan Chase declared that “Bitcoin is worthless” and a month later it hit an all-time high of $69,000.

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Recently, Paul Krugman, Nobel laureate in economics, who said in 1998 that the impact of Internet would be no greater than the impact of the fax machine, many years later he referred to the fact that Bitcoin and its other relatives have failed to achieve any significant economic role and what happens to its value is irrelevant for those who are not in the world cryptographic.

Bitcoin.  (photo: REUTERS/Dado Ruvic)
Bitcoin. (photo: REUTERS/Dado Ruvic)

Bitcoin acceptance continues to grow

Ignoring the high volatility and risk-reward ratio that an instrument like Bitcoin has is a bit irresponsible, but it is important to recognize and understand the role played by technology in its constant and rapid changes.

The acceleration and positioning of technology companies around the world have created moments of acceptance for coping with short-term euphoria by braving high prices, in addition to the value they bring to humanity.

Blockchain technology.  (photo: TryEngineering)
Blockchain technology. (photo: TryEngineering)

In line with this, Alejandro Beltran, c.Country Manager of Buda, pointed out that “the fall in prices is due to external factors, but they have not impacted the fundamental of Bitcoin, which is its technology and uses that are becoming clearer every day in electronic commerce, in the payment market and international turns and in the long-term possibility of safeguarding value in the face of geopolitical events that occur due to private interests.”

The acceptance and adoption of Bitcoin and some cryptocurrencies are growing at a rapid rate thanks to all the efforts of the ecosystem to apply it. The use of technology blockchain can drive a pretty big market.

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The evidence, according to Crypto.comshows that the number of users using Bitcoin has increased by 178% in 2021, going from 106 million in January to 295 million on October 12 of the same year and crypto users are expected to reach 1 billion by the end of 2022.

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