Being declared “dead” 474 times since 2010, the price of Bitcoin has steadily rebounded, though, reaching new all-time highs. Tomasz Wojewoda, director of BNB Chain, believes that an “extreme event” that could end Bitcoin, but not all cryptocurrencies. Despite aggressive measures by the US SEC, cryptocurrencies have remained strong, and Bitcoin remains the most popular cryptocurrency.
According to the 99Bitcoins platform, Bitcoin (BTC) has been officially declared “dead” 474 times since 2010. Predictions about the demise of cryptocurrencies are most common during prolonged downtrends.
Despite these circumstances, the Bitcoin price has steadily rebounded, reaching new all-time highs.
What Extreme Events Can Destroy Bitcoin (BTC)?
Tomasz Wojewoda, head of business development at BNB Chain, believes that anything more extreme could lead to a complete collapse of Bitcoin and the entire cryptocurrency market. He spoke to reporters about this combination of unique events.
According to Wojewoda, an “extreme event” that can kill Bitcoin is if all or most of its participants forget about cryptocurrencies and never use them. According to the expert, this is unlikely because cryptocurrencies are used not only for speculation, but also for regular transactions anywhere in the world.
A key feature of digital assets is the undeniable ownership of decentralized assets that are cryptographically secured. This means that users can create their wallets, send coins there and be sure that no one can confiscate them.
The expert is sure that there will always be demand for cryptocurrencies. It is a convenient investment asset that is a technological advancement in itself. Even if every investor on the planet suddenly disappeared, the Bitcoin enthusiasts working on its blockchain will keep it going. And even this fact is enough to maintain the functionality of the BTC network and carry out transactions. Therefore, it is almost impossible that these factors can kill Bitcoin.
Bitcoin (BTC): What’s Happening to Governments?
The efforts of some government agencies cannot stop the development of cryptocurrencies either. The United States Securities and Exchange Commission (SEC), led by its chairman Gary Gensler, has been especially aggressive towards cryptocurrency companies. According to Gensler himself, his agency filed more than 780 lawsuits in 2023, which is a very serious result.
However, the SEC also lost some high-profile cases throughout 2023. The regulator lost a court case against Grayscale and also dropped charges against Ripple, whose token the Commission called valuable. In both cases, the court found the regulator’s allegations unfounded.
With the above, the SEC’s losses have only reinforced investors’ faith in cryptocurrencies and their firmness. November 2023 marked a record for the number of mentions of Bitcoin in SEC filings. This is mainly due to preparations for the launch of new ETF funds for the first cryptocurrency in the United States.
It is expected that this can occur in the first half of January 2024, that is, within the next month. Ultimately, the government and regulators must accept that cryptocurrencies are here to stay.
Bitcoin Will Remain the Most Popular Cryptocurrency
Permutations between altcoins will not affect Bitcoin in any way. It has become a brand in the cryptocurrency industry and will remain so for a long time, the BNB Chain representative stated.
Matrixport head of research Markus Thielen is also skeptical that a bear market or other crisis poses a real threat to the cryptocurrency market and Bitcoin in particular. Speaking to reporters, Thielen said global downtrends should be seen as an opportunity to rebuild and improve the company.
By Leonardo Perez
