Bitcoin’s Obituary Bounce — Decline in ‘Death Calls’ Signals Resilient 2023

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Following numerous proclamations of bitcoin’s demise in 2021 and 2022, totaling 47 and 27 on the Bitcoin Obituaries list respectively, a mere eight declarations were noted in 2023. The final one emerged at the year’s end, attributed to crypto advocate Arthur Hayes, who warned that if exchange-traded funds (ETFs) achieve excessive success, “they will completely destroy bitcoin.”

Bitcoin Obituaries Dwindle in 2023

2023 has passed, and as recorded by the Bitcoin Obituaries list on 99bitcoins.com, a total of eight proclamations of bitcoin’s end were noted. Apart from 2010, 2011, and 2012, the year recorded one of the lowest counts for bitcoin eulogies. There was one in 2010, six in 2011, and another single obituary in 2012. Notably, the initial declaration of bitcoin’s demise in the year came from ex-U.S. Securities and Exchange Commission (SEC) official John Reed Stark and CNBC TV personality Jim Cramer.

Interestingly, while Stark continues his usual critique, Cramer has recently reversed his stance, now asserting that bitcoin (BTC) is “here to stay.” Yet, in the year’s first eulogy, Cramer was suggesting people divest from their cryptocurrency holdings. Last year’s roster of individuals making death calls, as noted in the 2023 compilation, includes names like geopolitical analyst Peter Zeihan, JPMorgan chief Jamie Dimon, and venture capitalist Chamath Palihapitiya.

Renowned finance journalist from Daily Express and Sunday Express, Harvey Jones, declared in March that BTC and the crypto market were fraudulent. Jones vehemently remarked, “Bitcoin and all the pathetic fake currencies that popped up in its wake are the worst thing to happen to the investment world in my lifetime,” emphasizing, “They are a joke wrapped in a fraud, wrapped in a Ponzi scheme and sold as a get-rich-quick investment opportunity.”

The concluding eulogy of 2023 stems from a recent article by Maelstrom CIO and ex-Bitmex leader Arthur Hayes. Though Hayes is a known bitcoin and crypto advocate, he offered a dissenting perspective, asserting that a spot bitcoin ETF could fundamentally dismantle BTC. He speculated a scenario where a select few entities possess all BTC, stagnating transfer movement and consequently causing significant problems for miners.

Hayes articulated:

It is beautiful when you think about it. If bitcoin becomes just another state-controlled financial asset, it dies because it isn’t used. The death of bitcoin then creates space for another crypto monetary network to grow in its place.

Since 2010, the Bitcoin Obituaries list has documented 475 bitcoin eulogies. While 2023 witnessed relatively fewer death announcements, the peak was in 2017 with 124 obituaries. 2018 also saw a high count with 93, halving to 41 in 2019. Remarkably, despite the upheaval of Covid-19 in 2020, there were only 14 death declarations. As the digital currency and bitcoin landscape continues to evolve, the enduring narrative of BTC’s demise persists, juxtaposed by its resilience and growing mainstream acceptance.

What do you think about the bitcoin death calls recorded in 2023? Share your thoughts and opinions about this subject in the comments section below.