Despite Bitcoin’s growing popularity and acceptance, doubts about its longevity persist. Since its creation nearly a decade and a half ago, Bitcoin has been dismissed by skeptics many times, including several instances in 2023, even as it has shown a consistent uptick in value.
Prominent voices in the cryptocurrency space, each with a significant online following, have declared Bitcoin—the leading asset in the decentralized finance (DeFi) sector—to be ‘dead’ on seven separate occasions throughout the year. This brings the cumulative count to 474 declarations of Bitcoin‘s demise, as tracked by the crypto market information provider 99bitcoins as of December 25.
Bitcoin death declarations in 2023
The latest pronouncement of Bitcoin’s ‘death’ came from Chamath Palihapitiya, the founder and CEO of Social Capital, also known for his past role as a high-ranking executive at Facebook, now known as Meta Platforms Inc. (NASDAQ: META). He made this claim on April 22, at a time when Bitcoin’s trading price was at $27,818. Notably, since that statement, there have been no further proclamations regarding Bitcoin’s demise.
Earlier, around the middle of March, Robin Brooks, who serves as the chief economist at the Institute of International Finance (IIF) and has past experience as a currency strategist at Goldman Sachs (NYSE: GS), criticized Bitcoin by labeling it a valueless bubble susceptible to the monetary policies of the United States Federal Reserve. His comments were made when Bitcoin was being traded at a price point of $24,746.
So it turns out that Bitcoin is just another bubble asset that blows up when the Fed gets serious about hiking interest rates. Zero store of value function. Zero diversification benefit. Zero yield. Sayonara Bitcoin… pic.twitter.com/lqf6l8DUpQ
— Robin Brooks (@RobinBrooksIIF) March 14, 2023
In February, Harvey Jones, writing for the UK’s Daily Express, criticized Bitcoin as being an overhyped investment opportunity, likening it to a mix of a joke and a scam. Meanwhile, in late January, Rober Park of the Cincinnati Enquirer dismissed it as the most significant deceptive investment scheme in history.
These critics were not alone in their skepticism towards Bitcoin in 2023. Among others expressing doubt were Jamie Dimon, CEO of JPMorgan Chase, geopolitical analyst Peter Zeihan, CNBC’s “Mad Money” host Jim Cramer, and John Reed Stark, a former SEC attorney, all of whom have voiced their reservations about the digital currency’s validity and future.
Currently, Bitcoin, the leading asset in the cryptocurrency market by capitalization, is priced at $43,226. This represents a slight daily decrease of 0.96%. However, it maintains a positive trajectory over a longer period, with a 5.12% rise over the past week, a 14.26% increase over the last month, and an impressive annual growth of 159.01%.
Please note: The information provided here is for general informational purposes only and should not be taken as investment advice. Investment in the markets is speculative and carries a level of risk, including the risk of loss of capital.
Source: finbold