Bitcoin (BTC), which is the numero uno crypto by market cap, is trying to break above the psychological level of $10,000, while blowing away those cynics which had called its demise long back.
One among them is “The Underground Economist,” which published a write-up titled “Why Bitcoin can’t be a currency.”
According to a tweet by the CEO of CoinCorner exchange, Danny Scott, the aforementioned website, which claimed Bitcoin to be dead as early as 2010, is no longer active.
Soon after Bitcoin came into existence, a non-stop flow of entities started lining up to allege that it is worthless, dead, or “a scam.”
Even billionaire investor Warren Buffett’s partner and close aide Charlie Munger called Bitcoin as “rat poison squared”.
Nevertheless, Bitcoin has put everyone to shame by staying robust as it nears its third halving event.
As per Bitcoin Obituary page, since the time of creation in 2008, Bitcoin has been announced dead for over 380 times.
The first claim was made on December 15, 2010 by The Underground Economist.
At that time, Bitcoin was trading at a paltry $0.23.
Fortunately, the Wayback Machine has a screen shot of this article as the aforementioned magazine is no longer available.
In several ways, the article was accurate to some extent as it states that:
“People won’t be spending their Bitcoin anyway because they’re making so much money just by holding it.”
Reminder: As #Bitcoin approaches $10,000 it’s alive and kicking stronger than ever.
The first website to declare Bitcoin dead from 2010 no longer exists ??♂️
Don’t dismiss the honey badger pic.twitter.com/emXHKWYs1A
— Danny Scott (@CoinCornerDanny) May 8, 2020
Nevertheless, it also forecast that Bitcoin will fall into a death spiral when people start booking their gains. The article reads:
“The supply of Bitcoin is fixed and there is no other use for it besides as a currency. I doubt prices will have much of a chance to rise, since this will happen so fast.”
It ended by stating that Bitcoin has caught the attention of investors for its novelty value. Eventhough, if that argument is assumed to be right, it could still be called as a novelty.
“the only thing that’s even kept Bitcoin alive this long is its novelty. Either it will remain a novelty forever or it will transition from novelty status to dead faster than you can blink.”
Ooops. As Scott has mentioned in his tweet, “Don’t dismiss the honey badger.”
