Since its inception in 2009, Bitcoin has repeatedly been declared “dead” by experts, media, and financial critics. These “obituaries” often emerge during steep price drops, market crises, or significant regulatory challenges. Yet, over 15 years, Bitcoin has not only survived but thrived, achieving remarkable price milestones and proving its resilience. Below is a detailed journey of Bitcoin through its notable “deaths,” complete with price data and historical context.
1. The Early Days (2009-2010): The First “Death” at a Few Cents
December 15, 2010: Bitcoin’s first recorded “death” came in a Wired article titled “Bitcoin: The Cryptocurrency Is Done For.” Price at the time: $0.23.
- Context: Bitcoin was still a niche concept, used only by a small group of tech enthusiasts and cryptography advocates. The first real-world transaction (buying two pizzas for 10,000 BTC on May 22, 2010) had just occurred, but its value remained minuscule, and few believed in its long-term potential.
- Aftermath: Despite skepticism, Bitcoin began gaining attention and gradually increased in value over the following years.
2. Initial Growth Phase (2011-2013): First Major Crashes
June 20, 2011: After hitting $32 in early June, Bitcoin crashed to $2 following a hack of Mt. Gox, then the largest exchange. Gizmodo Australia declared, “The Bitcoin Is Dying. Whatever.”
- Context: This was Bitcoin’s first major crisis of confidence due to security issues. Mt. Gox lost 2,000 BTC in the breach, shaking the fledgling community.
- Aftermath: Bitcoin slowly recovered, reaching a new peak of $266 by April 2013, only to drop to $63 later that year amid market volatility and regulatory pressures from China.
December 11, 2013: As the price fell from a then-all-time high of $1,166 to around $170 after the People’s Bank of China banned financial institutions from handling Bitcoin, Forbes asked, “Is Bitcoin Going To Zero?”
3. High Volatility Period (2014-2015): Repeated “Burials”
November 20, 2014: Bloomberg proclaimed “Bitcoin Is Still Doomed” as the price dropped from $641.23 to $433.57 following the complete collapse of Mt. Gox (losing 744,000 BTC, or 7% of the total supply at the time).
- Context: The Mt. Gox bankruptcy was the biggest shock in Bitcoin’s history, eroding trust in cryptocurrency exchanges.
- Aftermath: Despite the setback, Bitcoin persisted, with prices rebounding to around $800 by early 2015.
January 8, 2015: Fool.com published “Why Bitcoin Is Doomed as a Currency” with the price hovering around $821.39.
- Context: The Mt. Gox bankruptcy was the biggest shock in Bitcoin’s history, eroding trust in cryptocurrency exchanges.
- Aftermath: Prices fell to a low of about $200 by mid-2015, but the community continued to refine the technology.
4. Boom and Bust (2017-2018): A Record Year for “Obituaries”
Year 2017: Bitcoin has faced a record 124 deaths as it was repeatedly declared “dead.”. Prices soared from $1,000 at the start of the year to $19,783 on December 17, then plummeted to $3,122 by the end of 2018.
- June 6, 2017: Express warned, “Stark Warning for Crypto Fans – ‘It’ll All Be Worth Zero’” when the price was $7,806.72.
- December 7, 2018: Forbes revisited with “Is Bitcoin Going To Zero?” as prices fell to $3,432.12 during the “crypto winter.”
- Context: The 2017 boom was driven by the ICO craze and retail investor hype, but the subsequent bubble burst triggered a flood of obituaries.
- Aftermath: Despite the crash, Bitcoin maintained its value and began recovering in 2019.
5. Maturation Phase (2020-2021): Fewer “Obituaries”
September 28, 2021: A prominent Twitter user claimed, “Long Term Bitcoin Outlook – Extreme Rally Before Final Death,” with the price at $41,034.54.
- Context: Bitcoin had undergone its third halving (May 11, 2020) and hit a new peak of $64,863 in April 2021, only to drop sharply after China’s mining ban.
- Aftermath: Prices recovered, reaching an all-time high of $68,789 on November 10, 2021.
6. Current Era (2023-2025): Growing Acceptance
Year 2023: Only 7 “deaths” were recorded—the lowest in over a decade. Bitcoin surpassed $100,000 by year-end, bolstered by Bitcoin ETFs and institutional adoption.
- Context: Acceptance from major investors and shifting attitudes among lawmakers reduced the frequency of obituaries.
Year 2024: As of April, just 2 “deaths” were noted. Bitcoin hit a new peak of $108,268.45 on December 17, 2024.
- Context: Bitcoin increasingly became seen as a legitimate asset, supported by billionaires and friendlier policies in some nations.
- February 27, 2025 (Present): Bitcoin’s price remains near record highs, with obituaries now a rarity, reflecting a shift in public perception.
Summary of Price Milestones Over Time
- 2010: $0.23 (first “death”).
- 2011: $32 → $2.
- 2013: $266 → $63; $1,166 → $170.
- 2014-2015: $641 → $433; $821 → $200.
- 2017-2018: $19,783 → $3,122.
- 2021: $68,789 (previous all-time high).
- 2023-2024: Over $100,000 → $108,268.
Conclusion
Over 470 “deaths” in 15 years have failed to weaken Bitcoin; instead, each “death” has reinforced its resilience. From a few cents to over $100,000, Bitcoin’s journey showcases the power of decentralized technology and community faith. What do you think—when will the next “obituary” come, or has Bitcoin finally outgrown the skepticism to become an indispensable part of the financial world?
