According to the Bitcoin Obituaries list, bitcoin has died 15 times in 2022, and the last obituary written about bitcoin’s death was on June 18, in a recent statement that said: “Bitcoin Will Not Recover.” Interestingly, Google Trends data shows that the search phrase “bitcoin is dead,” is estimated to hit an all-time high this week.
The old saying “Bitcoin is dead” comes back to life
Lately, you may have heard the phrase “bitcoin is dead” or something similar. A large number of people truly believe that bitcoin is dead while many believe that the crypto asset is the future of money. It’s been a horrible two weeks for bitcoin as prices tumbled to a low of $17,593 per unit.
The analytics company Glassnode shows the losses during the last three days have been massive. “The last three consecutive days have been the largest USD denominated Realized Loss in bitcoin history,” Glassnode detailed. “Over $7.325B in BTC losses have been locked in by investors spending coins that were accumulated at higher prices.”
Meanwhile, two days ago, the Bitcoin obituary listing hosted on 99bitcoins.com indicates that bitcoin recorded its 15th death of the year. The obituary was written by gold bug and economist Peter Schiff via Twitter. Schiff always thought bitcoin was worthless and he repeatedly said that the price of BTC was heading towards zero. Schiff’s recent bitcoin obituary, titled “Bitcoin Will Not Recover,” indicates that the current crypto crash is just the beginning. Schiff’s obituary says:
Long-term bitcoin HOLDers aren’t worried as they’ve been through 73% declines before. But previous declines didn’t involve anywhere near the total market cap lost during this decline, nor did they involve massive leverage. This crash is just beginning. Bitcoin will not recover.
“Bitcoin Is Dead” Google Searches Expected to Increase Significantly This Week
Bitcoin.com News recently reported on Schiff’s views on bitcoin last week when he said that “crypto advocates’ need to sell bitcoin to pay the bills will only get worse as the recession is getting worse. Google Trends data shows that there has been a huge amount of “bitcoin is dead” searches, and this week’s GT Data score for the phrase “bitcoin is dead” is expected to hit an all-time high.
The last time GT data had shown the search phrase reach a high was during the Terra blockchain fiasco, and during the week of May 8-14, the search phrase “bitcoin is dead” reached a 38 out of 100. So far, according to the Bitcoin Obituaries list hosted on 99bitcoins.com, 2022’s list beats 2020, 2012, 2011, and 2010.
2021 saw around 47 obituaries and 2020 saw only 14. The lowest number of deaths was recorded in 2010 with a single obituary titled “Why Bitcoin Can’t Be a Currency”, which was published on the 15th December of the same year. To date, bitcoin has died 455 times so far according to the bitcoin obituaries list.
