Despite the success and widespread popularity that the cryptocurrency sector and the flagship decentralized finance (DeFi) asset have achieved so far, notable critics have continued to declare Bitcoin (BTC) worthless, including four times in 2023. .
In fact, these critics, who include people with large followings or sites with considerable traffic, have declared Bitcoin “dead” 471 times so far, according to data retrieved by Finbold from the cryptocurrency information platform. 99bitcoins February 1
According to the website, this platform accepts submissions of so-called ‘Bitcoin obituaries’, which are pieces of content from prominent critics that explicitly state that Bitcoin is or will not have value, excluding statements involving ‘maybe’ and ‘could’.
Pile of accolades despite progress
In the last month alone, Bitcoin has been declared dead four times by detractors, despite growing 40%. The latest such statement comes from an article by Cincinnati Enquirer’s robert park, who declared cryptocurrencies “the greatest Ponzi of all time” on Jan. 29, as the price of BTC stood at $23,775.
As he wrote:
“Crypto is a Ponzi scheme. It’s the computer version of what Bernie Madoff did in a mutual fund fraud in New York City in the 1980s and 1990s, which was the best Ponzi scheme of all time, so far.”
Other praise includes ‘Bitcoin is an overblown fraud’ from JPMorgan Chase (NYSE: JPM) CEO Jamie Dimon on January 19, ‘Bitcoin will turn negative’ from geopolitical strategist Peter Zeihan during The Joe Rogan Experience January 7th podcast. On Jan. 6, TV personality Jim Cramer and former US Securities and Exchange Commission (SEC) attorney John Reed Stark stated that “Crypto is a big deal.”
Interestingly, Bitcoin was also declared dead at the height of its success on November 8, 2021, when it was changing hands at $67,567. At the time, The spectators Sam Leith wrote an article called “The Bitcoin Hoax”, in which he compared Bitcoin to a time bomb:
“However, in the absence of its use as a currency, the only thing that supports the value of cryptocurrencies is the expectation that someone else will always pay to take it off their hands. You’re essentially betting on being the last person to hold the bomb before it goes off.”
Bitcoin Price Analysis
Meanwhile, Bitcoin has made significant progress since the end of the year, as optimism in the market was restored with the new year. In fact, it is up 39.15% over the previous 30 days, trading at a price of $23,121 at press time, a strong advance despite only rising 2.26% for the week and losing a 0.04% in the last 24 hours.
At the same time, senior commodity strategist Mike McGlone has predicted that Bitcoin will reach $100,000 by 2025, a bullish attitude shared by crypto experts at commercial shotwho suggested that its price could skyrocket to $150,000 in a similar time frame.
Disclaimer: The content of this site should not be considered investment advice. The investment is speculative. By investing, your capital is at risk.
