Bitcoin and the broader crypto market have been gleefully declared dead more than a few times during bear markets, but some experts say it would take a genuinely extreme set of events for it to truly die.
According to 99Bitcoins — a website that, among other things, tracks how many times Bitcoin (BTC) has been declared dead by mainstream media outlets — the largest crypto by market cap has died 474 times since 2010.
Often, the proclamation is met with cheering by crypto skeptics as evidence that BTC is not a viable asset, but it might not be so simple to kill off crypto — at least according to some experts in the space.
A year ago #Bitcoin hit $69,000. One of the main reason for the spectacular rally was all the leverage that funded unprecedented #crypto advertising and speculative buying. The #FTX bankruptcy proves the entire rally was a fraud. It will never be repeated. Bitcoin mania is over.
— Peter Schiff (@PeterSchiff) November 11, 2022
Tomasz Wojewoda, head of business development at BNB Chain, is confident it would take more than a bear market or crypto winter to end BTC and the crypto market, even though it’s been a particularly harsh downswing since the all-time highs of 2021.
A bear market is when the value of crypto has fallen by at least 20% and continues to fall, while a crypto winter is a prolonged period of depressed asset prices in the market.
Wojewoda told Cointelegraph that, in his opinion, the only way BTC and the broader crypto market could die would be if something extreme happened, such as the underlying community losing interest and everyone exiting the space at once.
However, he doesn’t see this happening anytime soon. Regardless of fiascos like the FTX saga and other dramas in the space, Wojewoda believes there is always “going to be demand for crypto.”
“The crypto market, like any market in the economy, moves in waves and trends upward or downward depending on market sentiment,” he said. “The market has been through multiple bear markets, but historically, we have seen the market recover from similar trends.”
In 2011, 2013, 2017 and 2021, crypto saw huge spikes in value, only to come crashing back down to earth. So far, after each crash, the price has recovered years down the road.
Overall, this bear market and crypto winter has been particularly savage. After reaching highs of over $69,000 in 2021, BTC lost more than 60% of its value in 2022, according to CoinGecko. As of 2023, it has recovered some, but…
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