In 2017, there were 124 pronouncements of Bitcoin’s death, according to records of Bitcoin Obituaries. This year, former detractors began to change their position on Bitcoin.
Even though it has a large number of believers, the pioneering cryptocurrency also has many detractors. Those pessimists do not hesitate to make pronouncements of Bitcoin’s death shortly. However, their crystal balls seem to be running out of energy, according to the records of 2020.
There were only 11 of these pronouncements in 2020, unlike in other years, according to Bitcoin Obituaries. This count compiles statements from analysts, commentators, and personalities from the financial world, who have pronounced Bitcoin dead in media or on social networks.
Anyone would think that the decrease in the number of “pronouncements of the death” of the cryptocurrency is the result of the bullish market that BTC has experienced this year. However, the year in which there were the most statements of this type among the “obituaries” was precisely 2017. That was the year of the historical bullish run in which the cryptocurrency first approached USD 20,000.
That year there was a record 124 statements against Bitcoin, almost 12 times this year’s number. The trend has been down since then, with just over 90 in 2018 and 41 in 2019.
The statements that disparage the present and the future of the cryptocurrency that Satoshi Nakamoto created include the following: “it is pure speculation”, “it is something worthless in the long term” and “its price will reach 0”. Others say more directly that “Bitcoin is finished. R.I.P.”
Curiously, almost half of the pronouncements recorded in 2020 occurred between November and December. They coincide with the latest momentum in price that led Bitcoin to break the USD 20,000 mark for the first time in its 11-year existence.
Bitcoin Acceptance in 2020
The reduction in the number of obituaries against Bitcoin coincides with a trend of acceptance of the cryptocurrency among former detractors. In addition to the fact that large companies with significant investments have entered, many have radically changed their position.
Ray Dalio, who held a strong position in favor of gold as a store of value, is one of the most prominent former critics of Bitcoin who now see its potential. In recent weeks, Dalio stated that the cryptocurrency could be a good investment alternative to gold.
Banks like Citibank have also been changing their position on it. In mid-November, a manager at that financial institution referred to Bitcoin as “the gold of the 21st century.” In addition, he predicted a rise in its price to more than USD 300,000 by 2021.
Companies that have historically been averse to Bitcoin have adopted it. A particularly relevant case is that of PayPal and the inclusion of cryptocurrencies on its digital payment platform.
The number of those who believe that Bitcoin will die in the future is decreasing. There are even estimates as encouraging as Willy Woo’s, according to which 30% of the world’s population will have some fraction of BTC in just four years.
By Alexander Salazar
