According to the website 99bitcoins.comTo date, Bitcoin has died a total of 341 times. The most recent report of Bitcoin’s demise came out The Felder Report, less than two weeks ago, in which former Bear Stearns analyst Jesse Felder wrote:
“Ponzi schemes can be great for early adopters. But that doesn’t make bitcoin, in any form, a good investment or even a store of value, especially for those late in the game. And for that reason, I cannot figure out the way I would stand behind what I consider an unusual value in the stock market or a true store of value like gold. “
At the time of publication, BTC was days away from an all-time high. This goes to show that no matter what the price does, Bitcoin will forever be an elaborate scam for the hardline skeptics out there.
Source: BTCUSDT on TradingView.com
Then there are those who, in the light of recent price movements, have reconsidered their position. In some cases, this has led to a greater degree of cryptocurrency receptivity.
A recent example of this was then a billionaire hedge fund manager Ray Dalio admitted he may be missing out on Bitcoin as it hit $ 18k.
Based on the bell-curve pattern of Bitcoin deaths per year, with few reports in 2010, peaking in 2017 with 124 reports of death, then falling to just 7 in 2020, it is fair to say that the arguments put forward over time by BTC skeptics have lost steam.
What does it take for those who remain skeptical to change their mind?
2020 is the year of Bitcoin
A 170% increase fueled by institutional buyers has forced many Bitcoin skeptics to rethink. In fact, 2020 will be a pivotal year for the leading cryptocurrency.
Crypto Lawyer Mike Novogratz said this is because of the extraordinary times we live in. Today, investors at all levels are becoming increasingly suspicious of fiat money.
In the past, it was fringe members of society, the cypherpunks and the tech nerds, who said this. But now, in 2020, with respected listed companies ratifying Bitcoin, the message is much heavier.
As Novogratz put it, the momentum of the past 11 years has reached the escape speed.
So much that Peter Roffman, the Global Head of Innovation and Strategy at S&P Dow Jones Indices., recently announced a cryptocurrency index coming in 2021.
“With digital assets such as cryptocurrencies becoming a rapidly emerging asset class, the time is right for independent, reliable and easy-to-use benchmarks.”
Cryptopurists will argue that this was prompted by fear of becoming irrelevant. But the fact remains that cryptocurrency is becoming mainstream.
The additional buying pressure is expected to lead to further price spikes for Bitcoin.
While bizarre price predictions of $ 100k, or $ 500k, or even $ 1 million seem like a pie in the sky from where we currently stand, there will be a price to which even the most ardent skeptic will have to admit.
The sooner that happens, the sooner we can all move forward.