If Bitcoin was a living being, it would for sure be a legendary immortal warrior, as it has died and came to life more than 350 times since its conception.
In this article we will go through the 10 best headlines which describe Bitcoin as dead or very close to dying.
“At the height of its popularity, Bitcoin was trumpeted as a viable alternative currency for the internet age, a monetary system engineered to prevent theft, gaming, and criminalization. Then came the malware, the black market, the legal ambiguities and The Man. Today, you can’t even use it to buy Facebook stock.”
“The developers of bitcoin are trying to show that money can be successfully privatized. They will fail, because money that is not issued by governments is always doomed to failure. . . . Bitcoin, or something like it, will thrive until the authorities do better.”
“Bottom line: Bitcoin’s days are numbered. Literally. Williams predicts that Bitcoin “will trade for under $10″ by June 30, 2014. A bold prediction, no doubt. But the point is clear – Bitcoin doesn’t stand a chance at ever gaining widespread adoption.”
“It’s not a currency now, it’s a pretend currency,” Robinson said. “It does not qualify or satisfy the requirements for a modern currency. The problem with disruptive technologies is that the disrupted has something to say about it. I say 10 years from now we will all have digital currencies – fiat currencies – and bitcoin will be remembered probably much like Pogs and Sinclair’s C5.”
“Bitcoin the currency may be dying, but it doesn’t matter. . . . Certainly, a trend line from November 2013 to now, extrapolated forwards, intersects worthlessness sometime later this year. . . . This could create a negative feedback loop as miners retire, the network becomes less secure and resilient, investors lose faith, and the price drops further. “
“Let’s also bear in mind what it is that makes some venture capitalists Bitcoin zealots: pure greed. That is the reason clearest to me for Bitcoin’s failure. Intended as a level playing field and a more efficient transaction system, the Bitcoin system has deteriorated into a fight between interested parties over a pool of money. In the beginning, Bitcoin was a noble experiment. Now, it is a distraction. It’s time to build more rational, transparent, robust, accountable systems of governance to pave the way to a more prosperous future for everyone.”
“Economist William J. Luther said he doesn’t think the dollar will be challenged by the Bitcoin or any other digital currency any time soon….“I think we will adopt that technology in one way or another, that is we’ll use that technology to process dollar transactions,” Luther said. “Most people just aren’t interested in using some new money and so they won’t.”
“These currencies are going to trade to zero or pretty close to it when the bubble pops,” predicts Schiff. “Right now, the only reason why people are buying bitcoin is because the price is going up. When it turns around, they are not going to sell it for the same reason.” “There is no value in bitcoin, you can’t use it as money,” Schiff points out. “It’s too slow, too expensive and too vulnerable.”
“The greatest bubble in history is popping, according to Bank of America Corp. The cryptocurrency is tracking the downfalls of the other massive asset-price bubbles in history less than one year out from its record, analysts lead by Chief Investment Strategist Michael Hartnett wrote in a note.”
“I wrote in my last column that bitcoin is really a bitcon. I’ve been telling you this since the price of this “investment” collapsed from around $20,000 to $4,000 last year. Mario Draghi, head of the European Central Bank, echoed a similar view last week but didn’t do it quite as colorfully. Last Thursday night bitcoin crashed by about $1,000, to around $7,000. Bitcoin will soon be worth zero. But until then criminals will still be able to use it and other digital currency to move money around the world without being caught.”
How Many More Times Bitcoin Will Die?
Probably a lot more times before some people understand they can’t get rid of it. At the present, Bitcoin and cryptocurrencies are getting the attention of nations. So far these nations haven’t decided to ban anything and those who tried failed miserably. In my honest, opinion I can’t see this changing in the future.
Bitcoin may lose some fights but it will never die. Every obstacle will just make it stronger and stronger over time.