On Dec. 1, as Bitcoin prices hovered at just over $10,000, the site’s ‘Bitcoin obituary stats’ formally recorded the 200th Bitcoin death.
The omen came courtesy of Business Insider, which produced an article claiming a “fatal flaw” meant no cryptocurrency could ever become “real” currency.
“A currency has to be a widely used medium of exchange. Cryptocurrencies are never going to achieve that. Period”, UBS Bank’s Wealth Management Global Chief Economist Paul Donovan told the publication.
Bitcoin is paradoxically becoming more valuable the more it dies, with over 200 ‘obituaries’ now public.
The bizarre status quo comes from information portal 99Bitcoins, which also tracks press articles declaring Bitcoin will shortly disappear.
«…The fatal issue for cryptocurrencies is that the supply of them can only ever go up. There is unlimited upside to the supply of cryptocurrencies.»
The number of warnings appearing in mainstream media publications especially about Bitcoin’s impending doom is considerably higher than 200, yet those calling the death nail for Bitcoin and its ilk are more selective.
Talk of a bubble, in which Bitcoin would lose the majority of its value suddenly once prices reach a certain level, is all-pervasive this month as $11,000 comes and goes several times.
On that subject, NEO’s Founder Da Hongfei told CNBC this week that even if a bubble did ‘pop,’ this would ultimately be “OK”, as the industry would then rebound stronger in future.
Q What is this?