Despite Bitcoin (BTC) reaching an all-time high of $69,000 in November 2021 and ending the year with a remarkable 64% gain, the world’s leading cryptocurrency was once again declared “dead” a staggering **45 times** throughout the year. This marks a significant surge compared to just 14 such declarations in 2020 — a threefold increase — though it still falls short of the peak seen during the 2017 bull run, when Bitcoin faced **124 obituaries** as it approached $20,000 for the first time.
These so-called “Bitcoin obituaries” refer to public predictions or articles claiming that Bitcoin is doomed to fail — labeled as a bubble, scam, Ponzi scheme, or environmentally destructive fad. The data comes from 99 Bitcoins, a Singapore-based educational website that has been tracking these declarations since 2010.
👉 Discover why experts keep betting against Bitcoin — and why it keeps surviving.
A History of Premature Obituaries
Since its inception, Bitcoin has faced relentless skepticism. According to 99 Bitcoins’ database, there have now been 438 recorded obituaries for BTC globally — and yet, it continues to thrive.
The year 2017 remains the most hostile in terms of negative sentiment, with 124 obituaries published as Bitcoin surged toward $20,000. It was followed by 2018’s 93 declarations during the subsequent market correction. In contrast, 2020 saw only 14 — the lowest in eight years — suggesting growing acceptance. However, 2021 reversed that trend sharply, tripling last year's count despite strong price performance.
This paradox reveals a crucial truth: the louder the death knell, the stronger the underlying momentum may be.
Bitcoin’s price journey in 2021 was anything but smooth:
- Started near $30,000
- Peaked at $63,000 in April
- Crashed nearly 30% on May 19, dropping below $30,000 multiple times in June and July
- Rebounded above $50,000 in August
- Hit a record $69,000 in November
- Closed the year around $47,000, maintaining a solid 63.9% annual gain
Such volatility fuels both fear and fascination — making it a prime target for critics while attracting long-term believers.
Why Critics Keep Pronouncing Bitcoin Dead
As Bitcoin’s market influence grows, so does the intensity of criticism from traditional finance and academia.
One of the most recent high-profile critiques came from Robert McCauley, a senior fellow at Oxford University, who wrote in the Financial Times that Bitcoin is worse than Bernie Madoff’s Ponzi scheme:
"To date, some $2 billion in mining expenditure has 'disappeared.' In a crash, Bitcoin holders will collectively lose the money they paid miners. Adjusted for inflation, that sum rivals the original investment in Madoff’s fraud. But unlike Madoff victims, Bitcoin investors have no recourse — the money vanishes completely, representing a social loss."
Similarly, Eswar Prasad, a Cornell University professor and former IMF official, told CNBC that Bitcoin “may not last that much longer,” citing inefficiency and limited utility as a payment method:
"Bitcoin doesn’t use blockchain technology very effectively, and it doesn’t function well as a medium of exchange. Apart from investor belief driving demand, I don’t see any fundamental value."
He also suggested that decentralized finance (DeFi) could render Bitcoin obsolete — a view shared by some within the crypto-native community who see newer blockchains as more innovative.
Core Keywords Identified:
- Bitcoin
- Cryptocurrency
- Volatility
- Blockchain
- Market Trends
- Investment Risk
- Digital Asset
- Decentralization
These perspectives highlight recurring concerns: energy consumption, scalability issues, regulatory uncertainty, and speculative risk. Yet they often overlook Bitcoin’s core strengths — scarcity, censorship resistance, decentralization, and growing institutional adoption.
The Bull Case: Why Belief in Bitcoin Endures
While skeptics abound, support from influential figures continues to grow.
Ray Dalio, founder of Bridgewater Associates — the world’s largest hedge fund — recently reaffirmed his belief in blockchain technology and Bitcoin’s role as a store of value. He described BTC as a potential "alternative to gold" for younger generations concerned about inflation and monetary policy.
Meanwhile, Forbes predicted that Bitcoin could reach $100,000 in 2022, driven by macroeconomic trends and increasing corporate treasury allocations. This forecast aligns with bullish models like PlanB’s Stock-to-Flow (S2F), which continues to signal long-term accumulation phases.
Even tech visionaries remain steadfast. Jack Dorsey, co-founder of Twitter and Square (now Block), responded unequivocally when asked if cryptocurrency could replace the U.S. dollar:
“Bitcoin absolutely will.”
His unwavering faith underscores a broader shift: from viewing Bitcoin as a fringe experiment to recognizing it as a legitimate financial asset class.
👉 See how early adopters are positioning themselves for the next phase of digital finance.
FAQ: Addressing Common Doubts About Bitcoin
Q: Why is Bitcoin declared dead so many times?
A: Bitcoin’s extreme price swings and disruptive nature challenge traditional financial systems. Each major correction triggers media narratives calling it a failed experiment — but these declarations often ignore its long-term resilience and adoption growth.
Q: Does high volatility mean Bitcoin is unstable?
A: While short-term volatility is real, Bitcoin has demonstrated consistent long-term appreciation since 2009. As liquidity improves and institutional involvement increases, price swings are expected to gradually stabilize.
Q: Is Bitcoin really useless if it's not widely used for payments?
A: Many investors view Bitcoin primarily as digital gold — a hedge against inflation and currency devaluation. Its limited supply (capped at 21 million coins) makes it attractive as a store of value, even if daily transaction usage remains low.
Q: Can environmental concerns kill Bitcoin?
A: Energy usage is a valid concern, but studies show increasing reliance on renewable sources in mining operations. Innovations like the Lightning Network also aim to improve efficiency and reduce environmental impact over time.
Q: Will newer cryptocurrencies make Bitcoin obsolete?
A: While newer blockchains offer advanced features, Bitcoin’s network security, brand recognition, and decentralization give it enduring advantages. Most altcoins derive their value relative to BTC, reinforcing its central role.
Q: How can something with no intrinsic value hold price?
A: Traditional assets like gold also lack intrinsic utility but maintain value due to scarcity and collective belief. Bitcoin shares this trait — its value stems from trust in its protocol, limited supply, and growing global acceptance.
👉 Explore how scarcity and trust power the future of digital value.
Conclusion: Surviving Prophecies of Doom
The fact that Bitcoin has been declared dead 438 times — and still stands — speaks volumes about its resilience. Each crisis becomes a test of conviction; each recovery strengthens its narrative.
From being worth less than a penny in 2010 to crossing $60,000 multiple times in 2021, Bitcoin has defied doomsayers through technological innovation, community dedication, and macroeconomic relevance.
As long as central banks continue expanding money supply and geopolitical uncertainty persists, demand for decentralized alternatives will likely endure — if not accelerate.
Whether you're a skeptic or a believer, one thing is clear:
Bitcoin isn’t going anywhere anytime soon.
And every time someone writes its obituary?
That might just be another signal that it’s working exactly as designed.