Contrary to the declarations of failure by skeptics, Bitcoin (BTC) has demonstrated a remarkable rebound, climbing $21,000 in value since the last negative claim in 2024. The cryptocurrency, challenged 476 times with death assertions since 2010, remains buoyant despite the European Central Bank’s (ECB) latest criticism. This resilience is highlighted in data presented by 99Bitcoins.
Resisting the Naysayers
In 2024, Bitcoin was prematurely marked as deceased only once, following the ECB’s denouncement. Despite this, Bitcoin’s price soared from $51,304 to over $73,000, reflecting a more than 40% increase in its trading value.
BlackRock’s Impact on Bitcoin
With only eight instances of impending doom projected for Bitcoin in 2023, the most notable came on December 27th via Forbes, forecasting BlackRock’s potential to obliterate the digital currency. However, BlackRock has significantly expanded its investment in the cryptocurrency realm, particularly post-ETF, and currently manages the largest Bitcoin spot ETF while holding substantial interests in U.S. mining companies.
The criteria provided by 99Bitcoins for deeming Bitcoin ‘dead’ involve explicit content from reputable sources or influencers, stating that Bitcoin is or will become valueless.
Despite the often sensational nature of “Bitcoin is dead” announcements, there are nuances and considered arguments behind many of these declarations. Supporters of cryptocurrency frequently resort to creating memes to counter such criticisms, neglecting the underpinning rationale for Bitcoin’s inception and the substance of the critiques. For instance, BlackRock’s growing footprint in the crypto market raises concerns about potential centralization and future challenges. Similarly, increasing centralization trends within the Bitcoin network are an issue that enthusiasts often overlook, posing additional risks for the future.