Bitcoin exploded to reach new historical highs above $68,000 in 2021. However, the critics were continuously blasting the biggest crypto for its massive volatility and possible risks.
Based on Bitcoin Obituaries data recorded by BTC education portal 99Bitcoins, the flagship crypto was declared dead as many as 45 times this year, which is three times more than in 2020. Since 2010, 438 BTC obituaries have been recorded and 2017 remains with the record of the most ‘deaths’.
Despite a large number of BTC critics in 2021, the total number of obituaries this year is considerably less than what was recorded in 2017. When Bitcoin first reached near $20,000, it was declared ‘dead’ 124 times.
Launched in 2010, 99Bitcoins’ Bitcoin Obituaries list has many English-language statements. They include content about the fact that BTC “is or will be worthless.” To qualify as a strong obituary, the content has to be produced by a person who has a “notable following or a site with substantial traffic.”
The platform has already counted 438 times, with one of the most recent obituaries produced by Robert McCauley, who is an associate member of the faculty of history at the University of Oxford. McCauley argued in a December 22 guest post for the Financial Times, that bitcoin is “worse than a Madoff-style Ponzi scheme,” insisting that the BTC holders “will have no one to pursue to recover” sums that they “paid the miners for their Bitcoin.”
A senior professor of international trade policy at Cornell University, Eswar Prasad, previously projected that
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“Bitcoin itself may not last that much longer” as a result of the increasing “promise of decentralized finance.”
Bitcoin Proponents Undeterred
While the BTC critics insist on a gloomy future of Bitcoin, some of the analysts, including Bloomberg commodity strategist Mike McGlone, think that BTC may hit $100,000 in the coming year.
As was reported previously, the crypto community has been majorly expecting BTC to have reached $100,000 by the end of 2021. After failing to fulfill the $100K predictions, some of the top executives like Kraken CEO Jesse Powell remain bullish on BTC’s price in the long term but also do not rule out the possibility of a crypto winter in the near term.
At the time of publication, BTC is struggling to hold onto $47,000, up around 68% in the last 12 months based on data from CoinGecko.