When any investment loses value, it takes the strongest of investors not to internally panic. Even just a little bit. No one wants to see the graph go down or the greens turn to reds.
And Bitcoin investment is no exception.
With the turbulent price that Bitcoin has suffered over recent months, plenty of people have taken to the internet to predict the end of the OG cryptocurrency.
However, they were not the first. And undoubtedly won’t be the last.
To put into perspective just how many people have been alerting the world to the doomsday event of Bitcoin disappearing forever, we’ve chosen some of the most memorable Bitcoin obituaries through the years so you can rest a little easier that it’s business as usual.
1. Why Bitcoin Can’t Be a Currency - The Underground Economist (original source deleted)
“Negative feedback loops like this are basically homeostasis. In nature, positive feedback loops like exist with Bitcoin are lethal; the only thing that’s even kept Bitcoin alive this long is its novelty. Either it will remain a novelty forever or it will transition from novelty status to dead faster than you can blink.”
1. So, That’s the End of Bitcoin Then - Forbes
“Bitcoins aren’t secure, as both the recent theft and this password problem show. They’re not liquid, nor a store of value, as the price collapse shows and if they’re none of those things then they’ll not be a great medium of exchange either as who would want to accept them? It’s difficult to see what the currency has going for it.”
2. The Bitcoin Is Dying. Whatever - Gizmodo Australia
“So Bitcoin, we’ll remember the good times, like the time that one guy who got heat stroke while mining Bitcoins. Or the time there was the great heist caper that shut down trading site Mt Gox for an entire day. The lulz were abundant. But frankly, it’s time for you to go. Farewell.”
3. Why Bitcoin Will Fail as a Currency - The Calculating Investor
“Although I think that Bitcoin is ingenious and fascinating in many ways, I don’t believe that it will succeed as a currency. The problem is that a Bitcoin is unlikely to ever be a good store of value (a primary function of any widely accepted currency) because the (eventually) fixed money supply will cause the purchasing power of a Bitcoin to be extremely volatile.”
1. Wired, Tired, Expired for 2012: EXPIRED - Wired (original source not available)
“At the height of its popularity, Bitcoin was trumpeted as a viable alternative currency for the internet age, a monetary system engineered to prevent theft, gaming, and criminalization. Then came the malware, the black market, the legal ambiguities, and The Man. Today, you can’t even use it to buy Facebook stock.”
“In theory, bitcoin could become a lawful virtual currency if the bitcoin community gave up anonymity and therefore incorporated the identities of bitcoin senders and receivers as part of the currency.
But that would eliminate the cash-like feature that makes bitcoin attractive and vastly decrease the demand for bitcoin. That does not seem like a viable path forward. While I praise the sheer ingenuity of bitcoin and its payments innovation, it should be buried.”
2. From Game Over, Bitcoin. Where Is The Next Human-based Digital Currency? - OUI Share (original source deleted)
Everyone agrees that Bitcoin is an amazing proof of concept from a technical standpoint, and has succeeded in raising much awareness for the current flaws of the monetary system. But does Bitcoin really address these flaws? More and more prominent economists and net activists say no.
3. Bitcoin Is A Joke - Business Insider
“But make no mistake, Bitcoin is not the currency of the future. It has no intrinsic value. Bitcoin? Nada. There’s nothing keeping it being a thing. Again, Bitcoin might go up a lot more before it ultimately ends. That’s the nature of bubbles. The dotcom bubble crashed a bunch of times on its way up. Then one day it ended. The same will happen with this.”
4. A Prediction: Bitcoin Is Doomed to Fail - The New York Times
“The developers of bitcoin are trying to show that money can be successfully privatized. They will fail because money that is not issued by governments is always doomed to failure. Bitcoin, or something like it, will thrive until the authorities do better.”
1. An early obituary for bitcoin - Reuters
“Bitcoin is the wrong answer to a good question: what can be done to make the monetary system less crazy? Bitcoin is not over yet. But the pseudo-currency is close enough to collapse to merit an early retrospective. Bitcoin is neither a relatable store of value nor a helpful unit of account.”
2. Bitcoin Bears Say Told You So - Bloomberg
“Bitcoin’s collapse comes as governments around the world consider regulating or prohibiting the virtual currency to prevent criminals from using it to trade contraband. . . . Ripple has gained 36 percent this year; eventually it could displace bitcoin.”
3. Bitcoin Is Dead — Long Live Bitcoin - VICE News
“This combination of encryption, mining, and decentralized verification makes Bitcoin potentially powerful and difficult to control, but governments do have tools at their disposal that could make it all but impossible for Bitcoin to become widely adopted. . . . And so Bitcoin may very well die.”
4. The Exact Date for Bitcoin’s Final Crash to $0.00 - Wall Street Daily (original source deleted)
“Bottom line: Bitcoin’s days are numbered. Literally. Williams predicts that Bitcoin “will trade for under $10″ by June 30, 2014. A bold prediction, no doubt. But the point is clear – Bitcoin doesn’t stand a chance at ever gaining widespread adoption.”
1. R.I.P. Bitcoin. It’s time to move on - Washington Post
“Let’s also bear in mind what it is that makes some venture capitalists Bitcoin zealots: pure greed. That is the reason clearest to me for Bitcoin’s failure. Intended as a level playing field and a more efficient transaction system, the Bitcoin system has deteriorated into a fight between interested parties over a pool of money.
In the beginning, Bitcoin was a noble experiment. Now, it is a distraction. It’s time to build more rational, transparent, robust, accountable systems of governance to pave the way to a more prosperous future for everyone.”
2. Bitcoin Is Getting Annihilated - Business Insider
“The virtual currency is looking increasingly beleaguered, and its price had been dropping steadily in recent months. . . . It is a reminder of the security issues that face any virtual currency seeking mainstream adoption, and it brings back memories of the infamous exchange Mt. Gox.
Combined with bitcoin’s reputation as an enabler for criminal activity, it is likely this public-image problem is hindering mainstream adoption. As one commenter on the discussion board, Hacker News remarks, bitcoin is an “even worse” investment than gold.”
3. Five Reasons Bitcoin Revolution is Over - Sputnik News (original source not available)
“Bitcoin will fail, not for fans' lack of trying, but rather its status will never be more than an interesting concept championed by those in the techie or libertarian camp. Holding Bitcoin is more of a political expression rather than a sound economic investment.
Ultimately, Bitcoin will be relegated to the history books unless structural changes are made. It will never be fully adopted in its current form, being nothing more than a neat concept for people to lose money on.”
1. Bitcoin Is Dead, Long Live the Blockchain - The Street
“Do not confuse Ethereum with Bitcoin. Bitcoin was never a viable blockchain platform for commerce. Ethereum is.”
“Lack of media and public interest bodes poorly for the long-term future of the virtual currency, even though it has regained much of the value it lost in 2014. But the rest of the world appears to have lost interest. That’s not great for the long-term use of bitcoin and the fans who want to see it become a widely-used medium of exchange.
With the currency currently dependent on notoriously-fickle Chinese retail investors, they would surely swap a gain in global popularity over a short-term rally in value. Right now, the virtual currency just seems to have lost its “cool.”
3. Why Ethereum Succeeded Where Bitcoin Failed - Vice.com
“The deadlock between competing corners of the Bitcoin community when it comes to hard forking, in contrast, spells doom for the currency, according to Tual. “As long as that’s true, Bitcoin will never evolve, and it will die because what doesn’t evolve dies.”
“I think Bitcoin has stalled out,” said Nathaniel Popper, a reporter for the New York Times who wrote a book about Bitcoin in 2014. What went wrong? The Bitcoin community has been hampered by a dysfunctional culture that has grown increasingly hostile toward experimentation. That has made it difficult for the Bitcoin network to keep up with changing market demands.
1. Why Bitcoin Is Worthless - Seeking Alpha (original source deleted)
“Bitcoin is worthless…Bitcoin can never be a currency under its current model. Bitcoin is not special, nor does it serve any purpose should have us demand its very existence…. Bitcoin has no utility other than to provide the exhilaration of a higher price. As with all fundamentally worthless assets, someone will be left holding the bag.
“I can’t see a future of this when I see the attention played by all governments and regulators on anti-money laundering, on anti-tax evasion, on anti-terrorism financing. The anonymity of the transaction is a problem I think which would put pressure on bitcoin.” Oudea said he was “not convinced” digital currencies would “see any development.”
3. What is a Good Price For Bitcoin and Other Cryptocurrencies? Zero - Jonathan Harris
“Cryptocurrencies do not belong in any investment portfolio. I say this as a Chartered Financial Analyst with 20 years of experience who understands the underlying math and the economic issues involved. Fundamentally, Bitcoin has no value. Bitcoin acceptance by consumers is unlikely.”
1. BTC will be ‘WORTHLESS and have ZERO VALUE’ in 2019 - Express
“I’m afraid I am predicting it to go to zero value as it has no utility, it does not do anything and they intentionally are anti-scaling. As for Dr. Wright’s thoughts, he is pretty clear on the question of ‘is bitcoin finished? He said: “BTC is, but it is a sham bitcoin.”
2. Sorry, Bitcoin Fans. Digital Currency Is Still a Dream - Bloomberg
“I have been waiting for decades for someone to invent a purely digital currency, a currency for online purchases that wasn’t linked to a credit card. It was the killer app (as we used to say) that no one ever figured out.
Thus when Bitcoin first emerged, I had hoped that it would be The One. What the Bitcoin bubble shows, however, is that Bitcoin is just another e-currency failure.
Whatever the original intention, Bitcoin has morphed into an asset whose only purpose is speculation. “There is simply no way to predict what it will be worth,” said Pete Kight, a fintech investor who founded Checkfree in 1981. That is its fatal flaw as an electronic currency.
The other flaw is the very quality that many of its adherents love most about it: It operates separately from the government’s fiat currency. “I call it the tyranny of brilliance,” said Kight. “When you work in fintech, you often see engineering genius get out of synch with what works in the real world.
But we’ll have to wait a little longer for an electronic currency that works.”
“In an op-ed Monday, Joe Davis said bitcoin is not a currency, it makes for a poor investment choice and its biggest threats are the very institutions it was meant to overthrow.
“Over the past few months, I’ve gotten this question more than any other,” wrote Davis. “As for bitcoin the currency? I see a decent probability that its price goes to zero.
While supporters of bitcoin and other digital assets see the technology as an alternative to central banks, Davis said bitcoin is not a true threat to them, arguing that there’s a good chance central banks will eventually adopt their own digital currencies and will have the upper hand because they impose the regulations on exchanges.
“Bitcoin is an investment in blockchain in the same way that Pets.com was an investment in the internet.”
4. Bitcoin has fallen to its lowest point since November and will probably be totally wiped out - Independent
“The classic functions of money are threefold: they are a medium of exchange, a unit of account, and a store of value.
On this tally, none of the cyber currencies stack up. They have a marginal use as a medium of exchange because some people will accept them in exchange for goods and services, but they are too volatile to be useful as a unit of account or store of value. Indeed in most transactions, they don’t really serve as mediums of exchange because they have to be switched into real money first.
They are, however, an asset class like gold, fine wines, or classic cars… So what is behind Bitcoin?
Well, it is not clear that there is anything there at all. It may be that the holders of Bitcoin will collectively support it, in that they will accept it in return for goods and services. That would allow it to continue.
But if they collectively try to bunk out, there would be a Bolivar situation. Might there be collective support? The trouble is that we don’t know who owns the Bitcoin. Anecdotal evidence suggests that the larger holders in the developed world fall into five groups.
There are some tech-savvy people who got in very early and saw cryptocurrencies almost as a game. They are probably still holding onto all or most of their stock.
Second, there are people around the world who have suddenly come into money – oil workers in Kazakhstan – and want to pop it into a variety of different investments.
Third, there are computer students, who literally bought the hype and put cash into a few Bitcoin while there were still affordable.
Four, there are general investors, many of whom got suckered in last autumn and are sitting on big losses.
And finally, there are the illegal or tax-avoiding holders who want an asset that is under the radar. The intriguing question is this: who, among these groups, really needs to sell?
We will know the answer pretty soon. My instinct is that these cryptocurrencies will disappear in a puff of smoke. I just hope too many people are not too damaged when it happens.”
1. The END of Bitcoin as we know it - Irish Tech News
“Bitcoin has lost half of what It was designed to do – build Trust and Transparency. Bitcoin has lost trust. The recent rise from $4,000 to $14,000 in the past three months may be the end of Bitcoin as we know it.
I hope I am wrong and there turns out to be a bright future for Bitcoin. The facts say otherwise.”
2. Treasury Secretary Seals Bitcoin’s Impending Death by a Thousand Cuts - CCN (original source deleted)
“Steven Mnuchin said during the press conference that the government will not permit anything to threaten the U.S. dollar as the world reserve currency. If people turn to bitcoin en masse, especially since it has no real value, that could destabilize the world markets.
Regulatory compliance is enormously expensive and time-consuming. It takes years just to set up the regulatory framework, years to interpret that framework, and years worth of work in order for compliance to be achieved.
That’s what will kill bitcoin and cryptocurrencies.”
3. Bitcoin – The end of an Era - TradingView
“Not many are able to think long-term and realize this, but the cryptocurrency markets have already topped. With summer ending soon, the next 50% price cut might be only a few weeks away. Good news! I was (finally) able to verify and unfreeze an account with a crypto exchange and cashed out most of my money out of this MLM scheme.
Bitcoin: now the only thing left going: The ever so praised mighty “halving”. I believe it is very possible that the price of Bitcoin remains above $3000 until this halving that everyone is waiting for. And after this, BTC is done for.”
1. Cryptocurrency is Dead - Finextra
“I find myself comfortable with the fact that Central Bank Digital Currencies will be integral to the next evolution of financial technology. That next evolution is already underway and is about the integration of financial services outside of the Financial Services industry itself.
We’ve seen other industries and people’s lives transformed through digitalisation (shopping with Amazon, travelling with Uber, searching with Google).
The evolution of payments will allow non-financial companies to embed truly digital services into their apps and websites, in turn making the experience and journey that bit easier, faster, cheaper or more tailor-made for the likes of you and me. CDBCs will be a key enabler for this journey.
If CBDCs do help businesses embed financial services at a deeper level than previously before, and if that then allows customers like you and me to do more for less in our busy everyday lives, this will only help increase the trust that we all have in CDBCs.
And by increasing our collective trust in a digital proposition that simultaneously is controlled by the institutions in whom we already trust, in future this will only widen the gap between Cryptocurrency and Central Bank Digital Currency.
Avid crypto supporters and investors will no doubt disagree. But next time I’m asked my opinion on banks and cryptocurrency, I’ll probably have a more definitive answer.
Cryptocurrency? No chance! It’s all about CBDCs — Central Bank Digital Currency.”
2. The Value of Bitcoin Will Drop to Zero - Cointelegraph
“Those who use cryptocurrency think they are smarter than their governments,” Rogers said to AERA dot. “In fact, I think they are correct. But their governments have something that crypto people don’t have. That is guns. The reason why I think cryptocurrency will be gone eventually is that it is not based on the armed force of governments’ power.”
1. The Bitcoin Delusion - The Spectator
“In the absence of its use as a currency, though, the only thing supporting the value of crypto is the expectation that there’s always going to be someone else who’ll pay to take it off your hands.
You’re betting, essentially, on being the last person holding the bomb before it goes off.
With Squid coins, most people could see the wires sticking out and smell the cordite (let’s not even talk about the similarly ill-fated cryptocurrency Monkey Jizz). Bitcoin is heavy, shiny and attractive.
But if you hold it right up to your ear, deep inside, I think you can hear something ticking.”
2. The fundamental value of bitcoin is zero - Insider
“Since the fundamental value of bitcoin is zero and would be negative if a proper carbon tax was applied to its massive polluting energy-hogging production, I predict that the current bubble will eventually end in another bust.
Risky, volatile bitcoin doesn’t belong in the portfolios of serious institutional investors. Many of its retail backers are suckers being manipulated by an army of self-serving insiders and snake oil salesmen,” Roubini said. “Tesla’s Elon Musk and MicroStrategy’s Michael Saylor may be betting the house on bitcoin. That doesn’t mean you should.”
3. Adios Bitcoin! - The Institutional Risk Analyst
“Soon the world of crypto tokens will again be an exclusive playground for criminals, terrorists and money launderers as legitimate users of electronic payments migrate to stable value tokens. Adios bitcoin!”
1. Crypto Is Dead - The Spectator
“The warning sign for cryptocurrencies is not so much that they have crashed – Bitcoin is down 50 per cent from its peak last November – but that they have become boring.
Bitcoin has suffered many a crash before, yet bottom-feeders quickly rushed into the market and sent the price rebounding. This time around there is little sign of any enthusiastic speculation.
On the contrary, a brief rally in March fizzled out as quickly as it had begun. Bitcoin now looks set to plunge below its previous peak of 31,776 reached last July.
Cryptocurrencies face not so much a rapid crash as a slide into nothingness. That a cryptocurrency exchange should want to take shelter in Macron’s France, which is bound to end up regulating it to death, is the biggest ‘sell’ sign yet.”
2. Crypto-assets Are Worth Nothing - Politico
“I have said all along the crypto assets are highly speculative, very risky assets,” Lagarde told the Dutch television show College Tour in an interview to be aired on Sunday. “My very humble assessment is that it is worth nothing. It is based on nothing, there are no underlying assets to act as an anchor of safety.”
Was There Truth in These Words?
This article contains just a few of the most memorable Bitcoin obituaries over the last 13 years. In total, if you look online, you’ll find hundreds more floating around of people from all backgrounds predicting the end of Bitcoin. Or even asserting the end of Bitcoin.
However, while at the time of writing (17 August 2022) Bitcoin is “only” worth $23,618.30, this is still more than $23,000 more than it was worth in the beginning. Bitcoin did take a downturn a few months ago, but it has suffered crashes in the past only to come back again.
Therefore, as much as certain people like to vocalize via their blogs and news desks that Bitcoin is dead as a dodo, so far, no one has been right.
People have been predicting the end of Bitcoin from the first day in much the same way that people have been predicting the end of the world since the dawn of humankind c.200,000 years ago.
And yet, here we still are.
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