Since the invention of Bitcoin in 2009, people have had mixed feelings concerning the cryptocurrency and its underlying technology, the blockchain.
Several different opinions have been given about the price and future of Bitcoin, some negative while some are positive. In 2018 alone, many predictions from industry players like Thomas Lee, John McAfee and a host of others have gone out ahead of the year and even beyond.
Given the negative trends in the market and the skepticism due to these trends, this article will examine some negative predictions about Bitcoin which have not come true since 2011 when the cryptocurrency was officially launched. Most of these predictions are even more deadly than the negative comments made by Wall Street and other anti-Bitcoin entities. So let’s get started.
What are the most deadly predictions about Bitcoin that have not come true?
1. Bitcoin will not survive
In June 2011, Bitcoin faced one of its epic declines, probably one of the worst it will ever experience – a sudden fall from $17 to a few pennies within minutes, according to Forbes. The recent Mt Gox hack isn’t the first negative thing that happened to the exchange as this crash actually started there.
As a result of the price crash, Forbes condemned the cryptocurrency to death saying
“…there are certain things that we want from a currency. A medium of exchange, a store of value, we’d also like to it be liquid and security is important as well. No currency can have all of these features…to perfection but a currency which doesn’t have any of them in appreciable quantities isn’t going to last very long.”
Seven years later, Bitcoin has appreciated to over $6,000 and still looking to go up. In fact according to Tom Lee, the cryptocurrency may reach $25,000 by the end of 2018.
2. Bitcoin will reach $1 by the end of 2016
A very interesting statement made by an anonymous Twitter user in 2015. In his words,
“Bitcoins are going to be another dot com bubble burst and they will crash to $1 per bitcoin by the end of 2016.”
Apparently this statement has been removed from Titter, probably because the prediction hasn’t come to pass yet and may never come to pass in the future.
3. The “Bitcoin Experiment is over”
This statement was made by the CEO of TransferWire Taavet Hinrikus, just months after a prominent bitcoin developer Mike Hearn said Bitcoin was dead. Hinrikus made this statement in an interview with Finance Yahoo, referring to Bitcoin as nothing but an experiment.
“Bitcoin, I think we can say, is dead. There is no traction, no one is using bitcoin. The bitcoin experiment, I think we can say, is over,” according to him.
Hinrikus made this statement at a time when bitcoin was trading at $430.
Fortunately he lived to see the maximum price of 2017 and although the asset has been struggling this year, it is alive and trades at a much higher value than when he predicted its death.
4. 2014 was Bitcoin’s year of crash to $0.00
It is no news that Wall Street has not been very optimistic as far as bitcoin is concerned. Following Mt Gox’s crash in 2014, a publication on its blog centered on the crash and how the author warned several people who didn’t listen and lost all their money in the crash.
The author also quoted the then CEO of the defunct Mt. Gox, Mark Karpeles as saying:
“If you buy Bitcoins, you should [keep] in mind that the value could be zero the day after,” saying the day had finally arrived.
Contrary to Wall Street’s belief that Bitcoin was dead, the asset is still very much alive and many believe will appreciate in value in the coming years.
Bitcoin has been through a lot in the last seven years and the 2018 journey has been far from smooth. However, that the asset survived all these problems is an indication that there is hope for its future and the end of 2018 and the beginning of 2019 will be significant indicators of this according to the several predictions about its future this year.