Bitcoin, the world's leading cryptocurrency, has defied skeptics by increasing by more than 80% since the end of 2022. Despite its remarkable recovery in 2023, Bitcoin has been declared dead six times by skeptics who consider it a bubble asset. The Bitcoin Obituaries list shows that the digital currency has been declared dead 473 times since 2010. The list is a joke played on the writers of these eulogies, with the aim of enshrining their bad takes on the internet forever. Since the first death announcement, Bitcoin's value and network effect have grown immensely. Currently, Bitcoin is the world's 11th most valuable asset in terms of market capitalization, ranking just below Tesla's net worth and above Meta's market valuation.
Some skeptics who have written Bitcoin obituaries this year include Robin Brooks, chief economist at the Institute of International Finance, JPMorgan CEO Jamie Dimon, former U.S. Securities and Exchange Commission official John Reed Stark, CNBC anchor Jim Cramer, geopolitical expert Peter Zeihan, and Robert Park of the Cincinnati Enquirer. Despite Bitcoin's remarkable market performance, these skeptics are unconvinced and believe that the cryptocurrency's days of glory are numbered. However, Bitcoin enthusiasts believe that the cryptocurrency's decentralized nature, lack of government backing, and board members make it a promising investment opportunity. In conclusion, while skeptics continue to predict the demise of Bitcoin, the digital currency has continued to prove them wrong by defying the odds and growing in value.
