Bitcoin Declared ‘Dead’ 431 Times, Latest Data Reveals

Bitcoin (BTC), the flagship cryptocurrency, has faced criticism from doubters who never believed in its potential and success. Right from its early days, when BTC traded at about 11 cents per coin, many people and institutions have written Bitcoin off, declaring it as “dead.”

Peter Schiff, Warren Buffett Among Bitcoin’s Harshest Critics

According to ‘Bitcoin is Dead’ data, the crypto asset has been declared dead 431 times. In 2010, when it was going for around 11 cents, the Underground Economist labeled Bitcoin a dead asset that was only still in existence due to its newness.

Despite recording gains as the years progressed, BTC has continued to attract naysayers who critiqued its performance. These include Peter Schiff, the gold advocate, Warren Buffett, a prolific investor, and Nouriel Roubini, the economist.

Notably, Schiff has pronounced Bitcoin dead 18 different times, but the asset is still thriving. In his latest attack on BTC, Schiff stated that Bitcoin was a product of the financial crisis in 2008, and it will be killed by the 2025 financial crisis.  Schiff ranks as Bitcoin’s greatest critic.

Bitcoin Faces Intense Scrutiny Since 2010

Buffett once described Bitcoin as a “gambling token” that lacks any value. Although he has been less vocal in recent years, Buffet has also declared Bitcoin a dead asset. In 2023, the investor called for the death of BTC.

Other critics even predicted a huge crash for Bitcoin, noting that it is more likely to plunge to around $100 than rise to $100,000.

This group of critics considers the digital asset as a mere volatile asset that depletes energy and is used by criminals to move funds. They have conveniently ignored that the asset is gaining traction among institutional players and its use in daily payment transactions.

BTC’s Resilience Defies Repeated Death Predictions

In spite of the different doomsday predictions trailing the flagship crypto asset, the coin remains resilient with a market capitalization of over $2.27 trillion. The asset recently hit an all-time high (ATH) of $124,457.12 on August 13.

As of this writing, Bitcoin is changing hands at $114,376.97, representing a 0.44% decline in the last 24 hours. The asset’s downward movement is a result of broader crypto market volatility. Its trading volume has also recorded a steep decline by 32.58% at $51.57 billion.