March 27, 2024
Death of Bitcoin Declarations Plunge to Decade Low in 2023
Bitcoin News

Death of Bitcoin Declarations Plunge to Decade Low in 2023

In a surprising turn of events, mainstream media has declared Bitcoin “dead” only seven times in 2023, marking its lowest frequency in a decade, according to data from 99bitcoins’ BTC obituaries tracker. Industry expert Jameson Lopp shared this revelation on Crypto X via Twitter on December 20, highlighting that Bitcoin has weathered a total of 474 death pronouncements since 2010.

The data further indicates that the seven reported “deaths” in 2023 include a notable statement from Bitcoin bull and billionaire tech investor Chamath Palihapitiya. During an April 22 episode of the All-In podcast, Palihapitiya declared, “Crypto is dead in America,” although his comments were made in the context of regulatory concerns.

The criteria for adding Bitcoin obituaries involve explicit claims in media content that Bitcoin is or will be worthless, with attribution to individuals possessing a notable following or sites with substantial traffic.

Interestingly, over half of the declared deaths in 2023 occurred in January, coinciding with the depths of the crypto winter and shortly after the catastrophic collapse of FTX. During this time, Bitcoin struggled to break above $17,000.

Contrastingly, 2017, the year Bitcoin reached its all-time high, saw the highest number of Bitcoin obituaries at 124. Despite this, Bitcoin prices surged 1,900%, reaching an all-time high of $20,000 in December of that year.

The third-highest number of declared Bitcoin deaths occurred in 2021, another peak year for the crypto cycle. Bitcoin gained 138%, reaching an all-time high of $69,000 in November.

Professional trader ‘Oliver L. Velez’ noted the trend, observing a bell-shaped curve and predicting a diminishing frequency of Bitcoin obituaries in the future. He stated, “In two to three more cycles (each cycle is 4 years), there will be no Bitcoin obituaries. At that time saying BTC is going to die will be as silly as saying ‘air’ is going to fail. We are trending there.”

Bitcoin is not the sole cryptocurrency to face periodic death pronouncements. Ethereum has also been a target, with critics suggesting its demise. Ethereum advocate Anthony Sassano responded to the “death of ETH party” on December 21 by affirming his confidence in the asset and increasing his holdings.

As the cryptocurrency market continues to evolve, the frequency of death pronouncements may serve as a barometer for the industry’s resilience and maturation. The declining trend in Bitcoin obituaries suggests a growing acceptance and understanding of the enduring nature of the pioneering cryptocurrency.


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