Just before the FTX collapse, bitcoin was trading above the $20K zone and after the problems started to show and the company filed for bankruptcy, bitcoin’s price dropped close to 19% lower than it was days before the fiasco. According to the official Bitcoin Obituaries list, the sliding crypto prices added another two bitcoin obituaries to the list of so-called bitcoin deaths over the years.
The last two were recorded after the FTX collapse, and the first one stemmed from the Twitter account Ramp Capital. At the time of the published obituary, BTC’s value was around $15,880.78 per unit according to 99bitcoins.com.
“Crypto died today,” Ramp Capital tweeted. “I don’t see how it recovers from this. Generational wealth evaporated. Trust evaporated.” In another statement and the second bitcoin obituary after Ramp Capital’s tweet, the author Chetan Bhagat shared his article titled “Crypto Is Now Dead.”
On Twitter, Bhagat said: “Crypto is now dead: FTX, a cryptocurrency exchange, collapsed last week, proving a lot of cool guys horribly wrong,” quoting an excerpt from his editorial.
Bhagat and Ramp Capital join the likes of the popular essayist Nassim Nicholas Taleb, the economist Peter Schiff, and many others who have also written bitcoin death sentences. While 2022 has around 22 deaths so far and the year is almost over, 2017 saw the most bitcoin obituaries added to the list.
A total of 124 bitcoin obituaries were added in 2017 and the second largest year was 2021. Both of those years were extremely bullish times for BTC’s price as they both saw record-breaking price highs. Ironically, the very first bitcoin obituary notes that the “only thing that’s even kept bitcoin alive this long is its novelty,” yet the so-called novelty hasn’t worn off in 14 years.
The Bitcoin Obituaries list hosted on 99bitcoins.com is always a fun read, but not one of the so-called death calls has ever come to fruition. Bhagat’s and Ramp Capital’s recent obituaries simply join the hundreds of others that hold the belief that ‘this time will be different,’ and bitcoin will be brought to its knees.
The leading crypto asset bitcoin (BTC), however, is alive and well with its exchange rate beating like a heart. In terms of functional uptime, the Bitcoin network has been functional without missing a beat 99.98785008872% of the time since its inception on January 3, 2009.