The cryptocurrency has been declared “dead” three times this year, according to Bitcoin Obituaries.
This past weekend the crypto economy slid in value considerably. Several digital currencies lost between 15-35% during seven days.
Out of the top 10 coins in terms of market capitalisation, Binance coin (BNB) staved off the market rout by only losing 12%. The bitcoin (BTC) lost a touch over 16%.
The rest of the top 10 crypto assets lost a much larger percentage. Coins like ETH and DOT lost close to 30%.
Hence, another bitcoin obituary was rumored on 4 September. It came after BTC dropped to $10,500 per coin, according to 99 Bitcoins.
History of Bitcoin Deaths
Since the inception of Satoshi’s great invention, almost a decade ago, several people have doubted bitcoin and over the years some individuals have deemed the project “dead.”
One interesting phenomenon is the fact that even though bitcoin has grown immensely in value since 2010, it has died increasingly year after year.
The website 99 Bitcoins maintains a list of “Bitcoin Obituaries” collected over the years and so far, there have been 382 deaths in total.
In fact, the Bitcoin Obituaries decrease gradually over the years, as 2020 has only seen three “deaths” so far.
2017 saw the greatest number of bitcoin deaths with 124 that year, but it dropped to 93 in 2018. Otherwise, 2015 was a distant third with 39 total bitcoin deaths.
However, the bitcoin obituary metric chopped in half in 2019, as last year only saw 41 deaths.
Noteworthy, Bitcoin’s oldest “obituary” was in 2010, when some claimed the asset could never be a currency, according to 99 Bitcoins.
Either it will remain a novelty forever or it will transition from novelty status to dead faster than you can blink.The Underground Economist author “Tim Harford”