[2018-12-29] Bitcoin Grew 82,000% In 7 Years But 'Died' 91 Times In 2018

[ruthbabe]

Bitcoin died 91 times in 2018 alone and 337 in total. But despite the latest bear cycle, hard data shows that Bitcoin has grown with more than 82,000 percent in the last 7 years.

BITCOIN ‘DIED’ 91 TIMES IN 2018

According to website Bitcoin Obituaries – there were 91 publications in 2018 proclaiming Bitcoin’s demise.

Interestingly, there were 125 ‘obituaries’  in 2017, the frequency of which actually peaked right when Bitcoin was nearing its all-time high price of $20,000 in December.

Overall, since 2010, doomsayers have buried Bitcoin exactly 337 times, according to the website.

But how dead can something be when it’s been running 24/7 with 99.98% uptime for over a decade now?

82000% GROWTH IN THE LAST 7 YEARS

It’s true that 2018’s prolonged bear market took its toll on bitcoin’s price. BTC $3806.96 -0.2% is currently trading at more than 80 percent below its all-time high price.

Nevertheless, if one only measures Bitcoin by its price in dollars, it still turns out that Bitcoin is not only not dead – it has actually grown by more than 82,000% in the last 7 years.

What’s more, its fundamentals are still intact, said Spencer Bogart earlier this month, while other metrics like hash rate (network security) and layer-two scaling solutions (i.e. Lightning Network) have actually seen unprecedented growth.

Furthermore, since January 1, 2011, BTC’s daily moving average is 0.325 percent in the positive.

Bitcoinist reported last month that BTC returns have also outperformed Amazon stock (AMZN) over the past seven years.

BTC ADOPTION IS REAL

Regardless of how many times naysayers have proclaimed its demise, Bitcoin’s ownership is also rising.

As reported in October, four different studies by the Ontario Securities Commission and the Central Bank of Canada indicate that 3 to 5% of Canadians own Bitcoin.

Another survey by market research agency YouGov revealed that up to 9 percent of UK residents own the cryptocurrency while 90 percent of them have heard of it.

What is more, the US even saw its first county and then state (Ohio) to begin accepting bitcoin for tax payments.

And for something that’s supposedly ‘dead’, 2018 saw over $410 billion transacted via BTC or an average of $13,000 per second (despite its decreasing value in dollars this year).

https://twitter.com/lopp/status/1077191856491061249/photo/1

https://twitter.com/lopp/status/1077191856491061249

Finally, this is not the first time the cryptocurrency has suffered 80 plus percent drops. As it turns out, though, each time it comes back up, reaching a much higher high.

Source:  https://bitcoinist.com/bitcoin-died-91-times-2018/

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[pixie85]

Regardless of how many times naysayers have proclaimed its demise, Bitcoin’s ownership is also rising.

As reported in October, four different studies by the Ontario Securities Commission and the Central Bank of Canada indicate that 3 to 5% of Canadians own Bitcoin.

Another survey by market research agency YouGov revealed that up to 9 percent of UK residents own the cryptocurrency while 90 percent of them have heard of it.

What is more, the US even saw its first county and then state (Ohio) to begin accepting bitcoin for tax payments.

The ownership will be rising because we are in a stage of redistribution. People who mined or bought their coins very cheap are getting tired of holding or need to spend some money and are selling to new investors who heard about it a year ago or just now and are willing to wait another 10 years for their profits. We are in a never ending circle of buyers and in the next 10 years we will still be there. Not many people can hold something for even 5 years without taking profits human patience is short.

[Harlot]

And that is the big picture right there, negative people always thinking about the downs when the overall picture is BTC has gained massive success even outside of this bear market. They always see the price yet they don't even consider the fact that BTC is the one that made the cryptocurrency market be recognized by our own government, now it is the reason why this mass adoption can be a reality. The price downfall of BTC is just temporary when you look at the big picture I just hope that the naysayers are still there when it comes booming again.

[1Referee]

And that is the big picture right there, negative people always thinking about the downs when the overall picture is BTC has gained massive success even outside of this bear market.

People who buy into the current market don't look at the past, they just buy an asset because it's going up. During last year's bull run people couldn't be stopped from buying +$15,000 coins, and now people aren't interested anymore. They hold a bag full of expensive coins not knowing what the future will bring. Regardless of how much info you feed them about past cycles, they won't calm down until the price is above the point they bought at.

Average joes pay attention to that what plays out as the truth, and thus far the skeptics are more right than the overly bullish baboons constantly trying hype up something that goes down. If I tell you the price will crash, and it keeps doing so for months straight, while others keep saying that the price will go up but doesn't, who are you going to listen to the next time?

Perma bulls with their silly EOY predictions have been nothing but a pest this year.

[BitHodler]

Finally, this is not the first time the cryptocurrency has suffered 80 plus percent drops. As it turns out, though, each time it comes back up, reaching a much higher high.

True, but the only important question is how long will we continue these boom and bust cycles? Price is higher but the amount of speculation grows with it just as hard, but the demand for actual use remains as low as it has always been.

If the next bubble in the next couple of years will yet again result in a +80% correction, the industry hasn't done anything to fundamentally change. It's a speculative circus where greed is all that matters.

I think that stablecoins will eventually take over in terms of being a currency, and they already do somewhat. There is a decent amount of off-exchange value transfers happening with them, and they do their job better than any other crypto.

[Kakmakr]

A lot of people might differ with my analysis but the overall long-term gains or profit is much higher than any traditional investment. We are still seeing a upward price movement when we look at the long term graph and this is still much better than traditional investment returns.

If you sold some coins in 2017, you would have made a 800% profit in that year and that profit should cover at least 20+ years of interest that you would have received on normal investments. 

[Lucius]

A lot of people might differ with my analysis but the overall long-term gains or profit is much higher than any traditional investment. We are still seeing a upward price movement when we look at the long term graph and this is still much better than traditional investment returns.

If you sold some coins in 2017, you would have made a 800% profit in that year and that profit should cover at least 20+ years of interest that you would have received on normal investments. 

Just a fact that BTC is up by 82 000% in 7 years is really amazing, and I bet that if you say it to someone they will say that this is impossible and you're a liar. But those who recognized the potential of BTC in time are rich people today, and even today is not too late to jump in the crypto train because BTC is just 10 years old.

I have written before that I consider BTC just as child of 9-10 years old, we all know what kids are at that age - it will need at least 10 years more to mature and reach some goals. I definitely agree that investing in BTC was very profitable for anyone who invest before 2017 big pump, even then price is not crash in a day from 20k$ to 3k$, so there was enough time for exit strategy.

In the next 7 years BTC will probably die a few hundred times more, but I hope it will go up at least 15-20 times from the point where it is now.