The Resilience of Bitcoin: Defying Death and Soaring to New Heights in 2023

2023-07-12 15:35:58
Even though Bitcoin celebrated its 14th birthday this January and has proven its worth over the years, critics of the world’s best-known cryptocurrency still condemn it to death. According to data from the 99bitcoins platform, well-known people and websites with an army of followers have announced the death of Bitcoin 474 times over the years. Many respondents did not have a different opinion about the digital device this year either. So far in 2023, it has been said seven times that Bitcoin will end soon. Bitcoin price and declarations of death in 2023. Source: 99bitcoins. The website counts statements from prominent critics, news outlets, and other media outlets that clearly state that Bitcoin has become or will become worthless, without using terms like “maybe” or “might.” Bitcoin’s death certificates Most recently, Chamath Palihapitiya, the founder of the venture capital firm Social Capital and the former head of Facebook, declared Bitcoin dead back in April, at a price of $27,800. Prior to Palihapitiya, in March, Institute of International Finance (IIF) chief economist and former Goldman Sachs currency strategist Robin Brooks compared Bitcoin to a bubble. The economist’s claim was supported by the fact that the financial instrument is at the mercy of the Fed’s policy, and thus it will pop out sooner or later. “So it turns out that Bitcoin is just another bubble that will pop when the Fed starts raising interest rates in earnest. It does not have any value-preserving function, nor diversification advantage, nor can it generate income. Sayonara Bitcoin.” said Brooks. Also in March, Harvey Jones of the British news portal Daily Express described Bitcoin as “a joke wrapped in a scam”. Meanwhile, Robert Park of the Cincinnati Enquirer called it “the biggest pyramid scheme of all time” at the end of January. Other 2023 announcers include JPMorgan Chase CEO Jamie Dimon, geopolitical strategist Peter Zeihan, television personality Jim Cramer and former SEC attorney John Reed Stark. Despite the criticism, Bitcoin is doing well, thank you, and it’s only a matter of time before it reaches new heights. At the time of writing, BTC was trading at $30,675, up 18.15% from a month ago. Published on the BitcoinBázis page.
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