March 29, 2024

Fewest Bitcoin Obituaries Published in 2020 in 8 Years

Since 2010, the death of Bitcoin has been stated or predicted in public sources approximately 390 times. However, inOver the past year, Bitcoin has "died" much less often.

Bitcoin was declared dead just 11 times in 2020, according to a list of such fake obituaries maintained by Singapore's 99 Bitcoins website.

There was no Bitcoin obituaries per yearso low since 2012, three years after its introduction. The 99 Bitcoins team has confirmed to us that the list is being kept up to date.

A sharp decrease in the number of "obituaries" correlates witha record rise in the price of BTC, as a result of which Bitcoin far surpassed the previous all-time high in 2017, and the total growth since the beginning of 2020 was more than 270%.

Before “it was fashionable to just brush it off,fire or even publicly obstruct those who have expressed confidence in Bitcoin's value proposition, ”said Kevin Kelly, global macroeconomic strategist at Delphi Digital and a former stock analyst at Bloomberg.

But now the game has changed.

“Massive retail speculation has been replaced by world-class family wealth managers and macroinvestors,” says Kelly.

Fast growing list of institutionalBitcoin buyers include giants such as MassMutual and Guggenheim. And their significant investments - coupled with signs of a resurgence of interest from retail investors - are increasingly marginalizing public announcements of the (imminent) death of cryptocurrency.

In the December Bitcoin report, the researchKelly's firm wrote: "Institutional investors have not only opened longs since September, but the amount of their net exposure denominated in BTC has also increased in comparison with previous periods."

Approximate number of bitcoin obituaries published annually.
and: 99Bitcoins, CoinDesk Research.

Interestingly, the authors of the fictitious bitcoin obituaries overlooked both cases where the network did virtually die, according to Pierre Rochard, a leading Bitcoin strategist at Kraken.

In 2010, an inflation bug briefly allowedany user of the network to create an infinite number of bitcoins, which, according to Roshar, led in many ways to the death of the network. In 2013, Bitcoin "died" a second time when a buggy version of its source code unexpectedly increased its maximum block size.

“In both cases, Bitcoin was quickly resurrectedby the collective will of its users, ”Roshar said. To save the network, in 2013 the bitcoin nodes reverted to an older version of the software, and in 2010 rolled back the state of the blockchain back to the block before the inflation bug occurred.

“Few Bitcoin critics understand what happened when Bitcoin actually almost died twice,” says Roshar.

To quote Roshar, after these incidents, "solid"Fundamental characteristics and "rapid spread" created a market environment with numerous "parabolic revaluations" increasing the level of both Bitcoin's acceptance and attention to its technical component, leaving skeptics little room for further claims about the death of the cryptocurrency.

Kelly, for her part, draws attention to the factthat, as Bitcoin continues to function and develop, "people's career risks may no longer arise from the fact of accepting Bitcoin, but rather from the fact that they have not given it the time and attention it needs."

 

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