Bitcoin declared ‘dead’ by media 461 times, yet new data hints at another scenario 

Bitcoin declared 'dead' by media 461 times, yet new data hints at another scenario 

Questions concerning Bitcoin (BTC) continue to be raised as the flagship digital asset battles to maintain support above the price barrier of $20,000 in the current bear market environment, characterized by rising inflation, an increase in interest rates, and uncertainty among investors. 

In this line, Bitcoin has been called “dead” a total of 461 times by various members of the media, according to data from 99Bitcoins, the cryptocurrency’s official obituary.

However, with all that being said, the records reveal that Bitcoin has been proclaimed dead 21 times so far in 2022, as of September 5; in contrast, BTC was declared dead a total of 47 times in the whole of 2021.

Bitcoin was declared dead in 2022. Source: 99Bitcoins

Is Bitcoin dead?

Furthermore, data shows that the interest in the search term ‘Bitcoin is dead’ has also declined after a high on Google Search, according to Google Trends figures, a website that analyzes the popularity of search queries online. 

The search term has seen a drop, with the surge in interest hitting a peak score of 100 between June 12-18. Crypto trader Jackis noted that this is only the second time since August 1, 2015, that ‘Bitcoin is dead’ reached a score of 100; after each time the ‘Bitcoin is dead’ search has risen, the digital asset has seen a marginal rise in price shortly afterward. 

Bitcoin is dead. Source: Jackies

Bitcoin obituaries

Since its inception in 2010, when it was first made available to the public, 99Bitcoins has been widely regarded as the most reliable source for Bitcoin obituaries. Before it can be called an obituary, each death notice published on the website must comply with the site’s stringent standards. 

The choice on whether or not to publish an obituary on the website is made after a number of distinct characteristics of Bitcoin being deemed “dead” are taken into consideration. These are the following: 

“The content itself (not just the headline) must be explicit about the fact that Bitcoin is or will be worthless (no “maybe” or “could”).”

In addition to these prerequisites, the content in question must have originated from either a person who commands a sizable fanbase or from a website that is visited by a substantial number of people on a regular basis.

The most recent death recorded occurred on July 3, 2022; the eulogy was made by Peter Spina, the president of GoldSeek, who opined: 

“There will come a day when you wish you sold Bitcoin for $20,000! Take a look at the historic chart to see how far of a fall is possible, if you are interested in risks associated with an unraveling Ponzi scheme.”

Currently, Bitcoin is trading at $19,719, down 0.2% in the last 24 hours and down 0.5% over the previous seven days, with a total market worth of $376 billion, according to CoinMarketCap statistics.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

Source