Jameson Lopp’s recent post on X, “RIP Bitcoin Obituaries,” suggests a decline in Bitcoin’s BTC/USD death proclamations, sparking interest in the cryptocurrency’s resilience.
What Happened: The software engineer, columnist, and Bitcoin advocate’s post on Christmas Eve, hints at the diminishing frequency of death declarations. Bitcoin, the world’s largest cryptocurrency, has faced numerous critiques since its inception over 15 years ago, leading to its “death” being declared 477 times, according to 99 Bitcoins’ Obituaries tracker.
The last wave of such negative sentiments emerged in April. However, the number of Bitcoin death reports has been on a decline, hitting a decade-low of 8 in 2023. In 2024, 99 Bitcoin’s obituary timeline lists only two such fatal declarations.
Data from Bitbo shows an even more dramatic drop in Bitcoin obituaries. A graph from the real-time Bitcoin dashboard shows how these proclamations have thinned out since 2022.
Source: bitbo.io
Lopp noted the resilience of the apex cryptocurrency in another post in the same thread where he says that even Bitcoin’s detractors are “coping” these days by saying that “scams can go on in perpetuity and now that Bitcoin has many billionaires and politicians who are ‘in on it’ that it’s going to stick around.”
See Also: Scaramucci Defends MicroStrategy’s Bitcoin Strategy, Predicts Long-Term Crypto Growth
Why It Matters: The decline in Bitcoin’s death proclamations signals a shift in mainstream media’s perception of the cryptocurrency. According to a previous report, the highest number of Bitcoin obituaries came in 2017. Even that year, the apex coin surged a record-breaking 1,900%.
Indeed, Bitcoin has been on a tear in 2024, enjoying gains of 132.2% since January. Over the last 3 months alone the crypto has shot up over 56%. Its most recent all-time high was recorded just a week ago on Dec. 17 when it hit $108,268.45.
Benzinga recently noted that if an investor had put $1,000 into Bitcoin the last time an obituary was published in April, they would have gained 48%. These obituaries often surface when the cryptocurrency is facing a bear market or heightened regulatory scrutiny.
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This story was generated using Benzinga Neuro and edited by Shivdeep Dhaliwal
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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