CNBC reports on Bitcoin’s ‘obituaries,’ marking its demise 35 times while it experiences a 78% annual increase.

Like a phoenix emerging from the ashes, Bitcoin has once more countered its detractors and rebounded from forecasts of its extinction.

The premier cryptocurrency has encountered numerous so-called “obituaries” asserting its death or inevitable failure since its inception in 2009. Nevertheless, Bitcoin has demonstrated durability and strength in the face of ongoing criticism. As reported by 99bitcoins, the most recent documented ‘death’ occurred in April when the price fell from $31,000 to $27,500.

Bitcoin obituary 2023 – Source 99bitcoins

Analyzing the historical ‘obituaries,’ CNBC and Bloomberg are cited most often, with 35 and 24 articles respectively predicting Bitcoin’s demise. Headlines included ‘Bitcoin Is Still Doomed,’ ‘Bitcoin Is A Decentralized Ponzi Scheme,’ and ‘Bitcoin Isn’t The Future Of Money.’

While the long-term path of the cryptocurrency is influenced by various factors, its capacity to consistently recover from downturns and criticism is significant. The cryptocurrency continues to find new life after each figurative funeral.

Bitcoin’s recent upward movement and support from BlackRock have pushed its price to approximately $34,000 as of Oct. 24, following a phase of stability around the $27,000 level between March and October, marking a 78% increase over the past year.

Accompanying the latest peak was a surge in trading volume, indicating heightened buying activity.

Bitcoin died and rose again.

The number of forecasts regarding Bitcoin’s demise has generally risen over time as cryptocurrency gained mainstream attention. From just a few in its early years, obituaries surged into the hundreds starting in 2017 when Bitcoin prices soared.

Bitcoin is dead articles from 99bitcoins

Critics frequently declared Bitcoin dead during significant price declines, with clusters of obituaries surfacing around events in late 2017, early 2018, March 2020, and mid-2021. Volatility led to claims of bubbles bursting, such as the 2013 headline “The Bitcoin Bubble Has Burst,” when the price was merely $84.

Both specialists and casual observers have predicted Bitcoin’s failure. Sources range from mainstream media to individual bloggers, reflecting widespread skepticism.

Initially more tempered, criticism became increasingly exaggerated over time. Early headlines expressed uncertainty, while later assertions branded Bitcoin a scam, Ponzi scheme, or a bubble poised to burst, as seen in the 2021 Financial Times article titled “Bitcoin Is Worse Than A Madoff-style Ponzi Scheme.”

Some sources consistently forecast Bitcoin’s collapse despite being proven incorrect by its ongoing existence. A persistent desire among some to witness the failure of cryptocurrency seems evident.

The reasons cited have shifted from Bitcoin’s inability to serve as money to concerns over regulation, environmental impact, and competition from other cryptocurrencies. Yet, the central narrative of an impending collapse has remained.

While Bitcoin has been declared dead 474 times, it persists, whether rising from ashes or emerging from each ‘death.’ The recurring tale of underestimation remains ongoing, with Bitcoin’s next chapter yet to be written.

All attention is directed toward the highly awaited spot Bitcoin ETF from BlackRock as the investment firm seeks to incorporate Bitcoin into its trillions of dollars in assets under management.

If Bitcoin is indeed dead, why has no one informed Larry Fink?

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