Bitcoin prices have fallen 45% from the all-time high three months ago, and the bearish move has sparked significant speculation about another bear market. Meanwhile, skeptics believe bitcoin is dead, as the webpage hosting bitcoin obituaries indicates that in 2022 bitcoin death claims doubled compared to all 2020 obituaries.
According to skeptics, Bitcoin has died 29 times this year
Bitcoin's price is definitely lower than it was three months ago when the asset peaked at $64,895, but that's not to say the fundamentals have changed. Now, BTC has consolidated above the $30,000 region and many are uncertain about the next price. Then there are those who are sure bitcoin is dead or at least preparing for its own funeral, as they believe it the value is certainly reaching zero, as is the case with Nassim Taleb. The infamous bitcoin obituary page, hosted on 99bitcoins.com, gathers skeptical claims that “bitcoin is dead.” Bitcoin obituaries doubled in 2022 compared to last year, indicating that critics are more willing to attack the falls of the cryptoactive. There were 14 bitcoin deaths recorded by 99bitcoin in 2020 and today there are 29 deaths in 2022. As of today, there are about six months to 2022, and this year's BTC death record may compete with years 2019 (41) and 2015 (39). It will take many deaths for bitcoin to reach the 2017 record, when 99bitcoins.com recorded 124 deaths.Bitcoin obituaries as of June 30, 2022. Bitcoin has died 29 times this year so far, while bitcoin has died 14 times in 2020. From 2010 until the last day of June, bitcoin has died 422 times, according to statistics from 99bitcoins.com .The first bitcoin obituary was recorded on December 15, 2010 under the title “Why Bitcoin Can't Be a Currency“. Fast forward to today and bitcoin recently died on June 21, when renowned author Nassim Nicholas Taleb wrote a summary of bitcoin's alleged flaws called “BTC is exactly zero.” satisfy the notion of 'non-government currency' (it hasn't even proven to be a currency), it cannot be a short-term or long-term store of value (its expected value is not greater than 0),” Taleb said. “(Bitcoin) no it can operate as a reliable inflation hedge and, worst of all, it is not even remotely a safe haven for one's investments, a shield against government tyranny, or a vehicle of tail protection from catastrophic episodes," the novelist of “Black Swan” he emphasized. On Youtube, economist Maurice Hoefgen gives the bitcoin obituary portal his next death, which precedes Taleb's scathing criticism. Hoefgen in his interview with DW News on June 17, said that bitcoin does not have good money characteristics. The economist sincerely believes that “In the long run, bitcoin will fail.” The other 27 bitcoin obituaries from 2022 all have similar reasons why the BTC is resting in its coffin and preparing for a funeral. Reasons such as volatility, scarcity, speculation, exaggeration, criminal use, government repression and environmental arguments are the main points of discussion in these criticisms. Many of the points have already been discussed relentlessly by bitcoiners and the cryptocurrency is still alive and useful to millions of people daily .
Economists don't think bitcoin is dead, but now consider it a “natural Ponzi scheme”
Many bitcoiners would say that it is safe to say that bitcoin is not dead. However, it is guaranteed to be questioned and considered a complete failure along the way by pessimists who don't understand Satoshi's creation. Even Nobel Prize winner and fax-loving economist Paul Krugman took a look at this cryptoactive week. Krugman did not say the BTC was dead, but referred to JP Koning's criticism and called crypto a natural Ponzi scheme. “Bitcoin has clearly failed in its mission to make money, but its value is sustained because it became a species. of natural Ponzi scheme.”, Krugman said. However, not everyone appreciated Krugman's borrowed assessment of Koning's essay. "Honest question: is there any example of a Ponzi scheme that had a second big rally for new ATHs (historic highs) after the collapse of the first phase of growth?" Shapeshift founder Erik Voorhees asked in response to Krugman's tweet.