Decline in Bitcoin 'Death Calls' Signals Growing Resilience in 2023
The Bitcoin Obituaries list in 2023 has only eight declarations, against 47 and 27 proclamations in 2021 and 2022. Arthur Hayes, a crypto advocate, warned that if exchange-traded funds (ETFs) achieve excessive success, “they will destroy Bitcoin” at the end of the year.
Bitcoin Obituaries Dwindle in 2023
The Bitcoin Obituaries list on 99bitcoins.com listed a total of eight proclamations on the demise of Bitcoin at the end of 2023. The year has recorded one of the lowest counts for bitcoin eulogies, besides 2010, 2011, and 2012. There was one obituary in 2010, six in 2011, and another single obituary in 2012. The initial declaration of Bitcoin’s demise in the year is credited to former US Securities and Exchange Commission (SEC) official John Reed Stark and CNBC TV personality Jim Cramer.
Cramer has recently reversed his stance, asserting that Bitcoin (BTC) is “here to stay,” while Stark continues to maintain his usual stance. Cramer was influencing people to divest their cryptocurrency holdings in the first eulogy of the year. Geopolitical analyst Peter Zeihan, JPMorgan chief Jamie Dimon, and venture capitalist Chamath Palihapitiya were the leading individuals making death calls in the 2023 compilation list.
Harvey Jones, the noted financial journalist from the Daily Express and Sunday Express, announced in March that BTC and the crypto market were fraudulent. Jones vehemently remarked, “Bitcoin and all the pathetic fake currencies that popped up in its wake are the worst things to happen to the investment world in my lifetime,” highlighting, “They are a joke wrapped in a fraud, wrapped in a Ponzi scheme, and sold as a get-rich-quick investment opportunity.”
The recent article by Maelstrom CIO and former Bitmex leader Arthur Hayes leads to the concluding eulogy of 2023. Hayes is a known Bitcoin and crypto advocate, but he offers a dissenting perspective on the Spot Bitcoin ETF that it could fundamentally dismantle BTC. He speculates on a scenario where a select few entities possess all BTC, stagnating transfer movement and consequently causing significant problems for miners.
Hayes explained:
"It is beautiful when you think of Bitcoin becoming just another state-controlled financial asset; it's likely to die. The death of Bitcoin then creates a space for another crypto monetary network to grow in its place."
475 Eulogies Listed Since 2010
The Bitcoin Obituaries list has documented 475 Bitcoin eulogies since 2010. While 2023 witnessed relatively fewer death announcements, the peak year was 2017 with 124 obituaries. 2018 also witnessed a high count of 93, declining to 41 in 2019. Despite the upheaval of COVID-19 in 2020, there were only 14 death declarations. As the digital currency and Bitcoin continue to evolve, the enduring demise narrative persists with growing resilience and acceptance.
What is your take on the Bitcoin death calls recorded in 2023? Please share your thoughts and opinions about this subject in the comments section below.
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