The World’s First “bitcoin Obituary”
Imagine predicting the end of bitcoin on a website that no longer exists 13 years ago, as blogger Sean Lynch did. It was then classified as the world’s first “bitcoin obituary” by 99 Bitcoins, a news article predicting the cryptocurrency’s death or downfall.
Titled “Why bitcoin can’t be a currency,” the post argued that bitcoin did not have the necessary mechanisms to handle fluctuations in demand, thereby leading to its eventual worthlessness. Lynch emphasized, “Either it will remain a novelty forever or it will transition from novelty status to dead faster than you can blink.”
bitcoin‘s Unprecedented Success
Despite Lynch’s skepticism, bitcoin, the world’s most famous cryptocurrency, has defied critics and naysayers, experiencing an outstanding 15 million percent surge in value since then. It has transformed from a niche experiment into a global financial phenomenon, proving wrong those who predicted its downfall.
A Testimony to the Critics’ Misjudgment
Discovered by bitcoin historian Pete Rizzo, Lynch’s post serves as a testament to just how wrong bitcoin critics can be. Lynch specifically argued that bitcoin would fail due to a lack of intervention and compared it to government currencies, which he claimed were backed by mechanisms such as taxation and increasing demand. However, as history has shown, more people are realizing the destructive consequences of such intervention, as central banks are grappling with global inflation.
It’s evident that Lynch’s predictions were far from accurate, and bitcoin has proven its resilience and potential to thrive in the face of adversity.
### News source: bitcoinmagazine.com