Hundreds Of Times Bitcoin Is Predicted To Die But Still Lasting Until Now

Bitcoin is predicted to die but still survive today. (Photo; Doc. Cointimes)

JAKARTA - Bitcoin, the most popular cryptocurrency, has faced hundreds of 'death news' since it was first launched in 2009. However, Bitcoin continues to show its resilience to relentless criticism.

According to 99bitcoins, the latest prediction of Bitcoin deaths occurred in April when the price fell from $31,000 to US$27,500 (approximately Rp400 million to Rp352 million).

In a historical review of 'death news', CNBC and Bloomberg became the main sources with 35 and 24 articles each predicting the possible death of Bitcoin. Some of the news titles include 'Bitcoins Will Still Be Destroyed,' 'Bitcoin Is a Decentralized Ponzi Scheme,' and 'Bitcoin's Not The Future of Money.'

Although the future of cryptocurrencies is influenced by many factors, its ability to rise from critical pressure is commendable. Bitcoin always finds a way to recover after every metaphoretic 'death'.

Recently, Bitcoin experienced an upward trend and received support from BlackRock, bringing the price to around $34,000 on October 24 (approximately IDR 500 million), after experiencing a stability period of around $27,000 from March to October. This is an increase of 78% in the past year.

In addition, the surge in trading volume has also shown increased buying interest in Bitcoin. Along with the growing popularity of cryptocurrencies, predictions about Bitcoin's collapse are growing. From several predictions in the early years, the number of 'death news' has risen to hundreds since 2017, as the price of Bitcoin soared.

Critics often announce the death of Bitcoin at a major drop in prices, as happened in late 2017, early 2018, March 2020, and mid-2021. Price volatility is often the reason to mention that bubbles will burst, as happened in 2013 with the main news headline, "The Bitcoin bubble has broken," when the price of Bitcoin was only 84 US dollars.

Various parties, from experts to ordinary commentators, have predicted the failure of Bitcoin. Individual major media and bloggers have both voiced their skepticism. From a more careful start, criticism has become increasingly extreme over time.

Although various reasons have been put forward, such as the inability of Bitcoin as money, lack of regulation, environmental impact, and competition with other cryptocurrencies, the essence of the narrative of Bitcoin's destruction remains. However, Bitcoin continues to survive and despite being announced dead 474 times, it still rises and continues its journey.

Currently, all eyes are on Bitcoin's highly anticipated ETF from BlackRock. The investment company plans to include Bitcoin in its trillions-dollar asset portfolio.