The cryptocurrency market is once again in a period of volatility, during which bitcoin (BTC) does not stop fluctuating around the $30,000 price barrier.
Interestingly, amid the current bear market conditions in the first half of 2022, bitcoin continued to be predicted a quick demise. Twelve times to be exact.
This number is 52% less compared to the first half of 2021, when BTC “died” 25 times, according to the official obituary of the cryptocurrency 99Bitcoins.
On May 17, the Greed and Fear Index, which serves as an indicator of market sentiment, reached a score of 8 out of 100, its lowest value since March 2020.
Since its launch in 2010, the 99Bitcoins site has acted as the authoritative source for all bitcoin-related obituaries. Interestingly, each obituary posted to the site must meet strict rules or it will not be recognized as such.
The decision to publish is made based on a number of aspects:
- The content (not just the headline) must clearly indicate the fact that bitcoin is or will become worthless (no “maybe” or “could”).
- The material is either created by an author with a significant audience or posted to a resource with heavy traffic.
- So far, only articles in English are accepted.
The last bitcoin death was reported on June 7, 2022 in Stephen Diehl’s report “Cryptoassets are a Disaster”.
Catastrophes and externalities associated with blockchain technology and investments in cryptoassets are not isolated or nascent technology growth issues.
They are the inevitable consequence of technology created inappropriately, and will forever remain unsuitable as a basis for large-scale economic activity.