The Rise and Fall of Bitcoin
On December 17, 2017, at 8:00 AM, Bitcoin reached its all-time high of nearly $20,000 per coin. By January 14, 2018, the total market capitalization of digital cryptocurrencies soared to a historic $790 billion.
Everyone was racing toward financial freedom—until the bubble burst.
Within 50 days, Bitcoin's price plummeted from $20,000 to $6,000. Four months later, the crypto market hit rock bottom, with Bitcoin dropping to $5,750 in early June—its lowest point of the year.
Voices of Doubt
- Warren Buffett famously called Bitcoin "rat poison squared" at his 2018 shareholders' meeting, equating Bitcoin investments to "drinking poison."
- In June 2018, a Sichuan-based Bitcoin mining facility suffered a literal "mining disaster" due to heavy rains, causing a 30% drop in Bitcoin's hash rate. This incident triggered a market panic, driving Bitcoin's price down from $6,300 to $5,800.
Bitcoin's 319 Deaths—And Counting
Since its inception in 2009, Bitcoin has been declared dead 319 times—by economists, media outlets, and celebrities. Yet, it continues to survive.
Key Moments in Bitcoin History
| Year | Event |
|---|---|
| 2010 | First real-world transaction: 10,000 BTC for two pizzas ($25). |
| 2011 | 6 obituaries published. |
| 2013 | Price surpasses $1,000; 17 obituaries. |
| 2014-2017 | 221 obituaries amid price volatility. |
| 2017 | ICO boom; 125 obituaries from figures like Paul Krugman and Alwaleed bin Talal. |
| 2018 | Buffett, Bill Gates, and Jack Ma join the chorus of critics. |
👉 Why Bitcoin Defies All Obituaries
Why So Many Obituaries?
- Capital Flows: Wall Street and institutional investors have entered the crypto space, amplifying price swings.
- Regulatory Pressure: Governments worldwide scrutinize Bitcoin due to its use in illicit activities.
- Internal Conflicts: Bitcoin forks (e.g., Bitcoin Cash) and ICOs dilute its market dominance.
Will Bitcoin Really Die?
Unlikely.
As long as global economic instability persists, Bitcoin remains a hedge against:
- Currency devaluation.
- Wealth confiscation.
- Cross-border capital controls.
👉 Bitcoin's Resilience Explained
FAQs
Q: Why do celebrities attack Bitcoin?
A: High-profile critiques often stem from misunderstanding or vested interests in traditional finance.
Q: Can governments ban Bitcoin?
A: While they can restrict access, decentralized networks make outright bans impractical.
Q: What’s the next "death event" for Bitcoin?
A: Likely a major regulatory crackdown or a catastrophic technical failure—neither of which have stuck so far.
Conclusion
Bitcoin has died 319 times—and will die again. But like a phoenix, it rises from its ashes, proving its staying power in an unpredictable financial world.