As bitcoin and a number of crypto assets have dropped in
value during the last two weeks, its seems that everyone’s hope for
six-digit bitcoin prices has become unattainable. However, year-to-date,
bitcoin has risen more than 150% in value and despite the rise,
skeptics and critics continue to assume bitcoin is dead. In fact, the
infamous bitcoin obituary list indicates that 2021 is tied with 2019 for
having the third-largest number of obituaries in a year.
Bitcoin Obituaries: 2021 Is Now Tied With 2019
On November 10, bitcoin (BTC)
tapped an all-time price high at $69K per unit and has since slid below
the $50K zone. It seems that higher prices give skeptics the
opportunity to declare bitcoin is dead after the leading crypto asset
sheds a decent amount of value during market downturns. In 2017, when BTC came awfully close to reaching $20K per unit, the bitcoin obituaries list, hosted on 99bitcoins.com shows that there were 124 bitcoin deaths that year.
The second-largest year for BTC
obituaries was the following year in 2018, as there were 93
declarations made saying bitcoin has met its demise. This month, 2021
has tied 2019 for the third-largest number of bitcoin deaths in a year’s
time. Following the crypto bear market after 2017’s all-time price
high, 2019 captured an aggregate of 41 bitcoin obituaries. As of
November 29, 2021, 2021 has accrued the same amount of death sentences.
The last obituary written about BTC,
on November 29, was published by the author Bill Blain via the website
capx.co. The bitcoin obituary is called “Bitcoin Is Nothing But A Ponzi
Scheme,” and Blain claims cryptocurrencies also accelerate inflation.
“Crypto is bogus, and is not money,” the bitcoin obituary written by
Blain insists. “It’s far too volatile to be a store of value, it is
scarce and not a unit of account. I could explain why it can’t work as
money because it is likely to prove an inflationary accelerant,
equivalent to pouring petrol on a fire.”
Bill Blain: ‘Regulators Will Be Exposed for Not Acting Earlier’
Furthermore, Blain says that once in a while he reads about the
blockchain technology behind digital assets. “Periodically, I delve into
the myriad of utter rubbish that masquerades as the blockchain genius,
the maths and computing logic behind cryptos,” Blain stresses in his
opinion piece. “Read it yourself – it’s 10% fascinating and 90% utter
garbage. Mathematical dyslexia puked out and dressed up as original
thinking and ‘proof of concept.’” Blain’s scathing review of the crypto
economy adds:
Cryptos have thrived because social media, the internet
and connectivity have made it easy to disseminate the con around the
global markets at incredible speed. They’ve succeeded because regulators
haven’t stopped them – hat-tip to the Chinese for being ahead of the
regulatory pack in that regard. Someday, the last greater fool will want
his money back, and regulators will be exposed for not acting earlier.
Despite Blain’s opinion and the 40 other bitcoin obituaries that preceded his opinion editorial, bitcoin (BTC)
is alive and well. There are not many assets that exist in this world
that could be called “dead” or “near-deceased” after climbing more than
150% higher in value in 12 months. Blain also criticizes
cryptocurrencies in general, many of which have seen their values swell
by significantly larger percentages than BTC’s year-to-date gains.
The number of so-called bitcoin deaths in 2021 recorded on 99bitcoins.com is also much larger than BTC’s first four years of bitcoin obituaries combined. This shows that the more BTC
and the crypto economy mature, the more blowback they seem to get from
critics and skeptics. While there’s been a lot of 2021 death calls, it
seems as though they are just not strong enough theories to stop bitcoin
from gathering another year’s worth of obituaries in 2022.
source link : https://news.bitcoin.com/2021s-btc-obituary-list-accelerated-this-year-41-alleged-bitcoin-deaths-recorded/
