Bitcoin has been given up for dead at least 400 times, but the reality is that it is more alive than ever and the number of times it has been called a goner is decreasing.
This is what Deutsche Bank notes in the report it issued a few days ago in which it declared that Bitcoin is too important to be ignored.
Bitcoin has died 400 times
According to the report, every year Bitcoin and Tesla are given up for dead. Since 2010, i.e. practically since its first year of existence, until today, Bitcoin has been declared dead at least 400 times. The peak was in 2017, coinciding with the year of its first all-time high at $20,000.
Ironically, in 2020, when there was the March market crash that caused Bitcoin’s value to plunge below $4,000, there were only 14 declarations of death for Bitcoin. Nothing compared to 124 in 2017 and 93 in 2018.
However, the trend of Bitcoin’s death declarations has been decreasing from 2017 to date, which could mean that perhaps even the mainstream media is starting to be convinced that Bitcoin is not a passing fad or a gimmick. It is striking though that in the current year, when the first quarter has not even closed, there have already been at least 10 cases of Bitcoin being declared dead.
The downward trend is nonetheless a confidence boost for Bitcoin and it couldn’t be otherwise given that the price has hit new historical highs, twice reaching $60,000 (tripling the 2017 record). Numerous institutional investors are also starting to believe in Bitcoin. Michael Saylor‘s pioneer MicroStrategy has been joined by major companies, including Elon Musk‘s Tesla.
Perhaps this is enough to convince the most sceptical that Bitcoin is by no means dead, in fact, it is more alive than ever, and despite its volatility, it is here to stay.