The first announcement of Bitcoin's death was in December 2010, 13 years ago, when the cryptocurrency was trading at less than $1.
The article “Why Bitcoin can't be a currency”, written by blogger Sean Lynch in 2010, was the first article to announce the death of Bitcoin, according to information website 99 Bitcoins.
In that article, Lynch argued that Bitcoin would not become the currency of the future, that it really had no use other than as currency, and that it would eventually be forgotten when the novelty wore off.
“I doubt that (Bitcoin) prices have much chance of going up”, reads the article, published on a website that no longer exists. “Traders will go from taking a coin for a year of porn to not taking Bitcoin at all, and a lot of people will be left holding worthless Bitcoin.".
Ironically, Lynch's blog is the one that has disappeared, while Bitcoin enjoys unprecedented relevance in the financial industry and the world at large.
Since the publication of this Bitcoin “obituary” to date, the value of the cryptocurrency has increased by 15.000.000%, Bitcoin Magazine noted. At the time of writing, the price of Bitcoin is trading at $36.700 per BTC.
How many times has the death of Bitcoin been announced?
In addition to Lynch's first mention of Bitcoin's death in his article, it has been declared 473 other times, according to the same portal.
The most recent statement on the supposed death of the market-leading cryptocurrency was in April of this year, when venture capitalist Chamath Palihapitiya said in a discussion that US regulators were suffocating Bitcoin and cryptocurrencies, “until they are killed”.
In the discussion, Palihapitiya said that cryptocurrencies were dead in the United States.
Again, in each of these predictions about the death of Bitcoin, the cryptocurrency has emerged more than victorious, defying, and even disillusioning, all of its detractors.
The evolution of Bitcoin since its creation
Bitcoin has not only managed to stay afloat over its 15 years, despite the volatility of its price, but it has also managed to evolve and establish itself as more than just a digital currency.
Today, Bitcoin has become the most famous cryptocurrency in the world or, as Jean-Marie Mognetti, co-founder and CEO of CoinShares, called it, “the star cryptocurrency of the decade”, being used by hundreds of millions of people around the world to send and receive value and attracting the heavyweights of the traditional financial world, such as BlackRock, who see in this digital asset an innovative way to preserve their capital.
Yes, in addition to being used as a cryptocurrency to transact value globally, Bitcoin has become a safe haven asset against inflation.
Michael Saylor, CEO of MicroStrategy, a company that provides business intelligence services to multinationals and the U.S. Army, considers Bitcoin is the money of the future and points out that there is no second best to BTC.
MicroStrategy has over $5.800 billion invested in Bitcoin to date.
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Main image from Reddit
