Bitcoin, as the leading cryptocurrency, faces many critics who claim its days are numbered. This article reviews key points of criticism and Bitcoin's resilience over the years.
Critics of Bitcoin
Some of the most notable critics of Bitcoin include Peter Schiff, Warren Buffett, and Nouriel Roubini. According to reports, Bitcoin has been declared dead 431 times. For instance, in 2010, when it was priced at around 11 cents, some labeled it a 'dead asset'. Schiff, who has pronounced Bitcoin dead 18 times, claims that the cryptocurrency emerged due to the 2008 financial crisis and will be killed by the 2025 crisis.
Long-Awaited Attention to Bitcoin
Warren Buffett described Bitcoin as a 'gambling token' lacking any value, and although he has become less vocal in recent years, he continues to declare Bitcoin dead. Recent predictions from critics suggest a potential drop in Bitcoin's price to $100, while they conveniently ignore its growing influence among institutional investors and its use in daily payment transactions.
Resilience of Bitcoin in the Market
Despite continuous doomsday predictions surrounding Bitcoin, it remains resilient, with a market capitalization of over $2.27 trillion. On August 13, Bitcoin reached an all-time high of $124,457.12. As of this writing, Bitcoin is priced at $114,376.97, reflecting a decline of 0.44% in the last 24 hours, driven by overall market volatility.
Thus, despite numerous critical remarks and negative forecasts, Bitcoin continues to be an important player in the cryptocurrency market, demonstrating remarkable resilience.
