Bitcoin has been falling and falling, and according to Forbes has died. The death pronounced by the popular magazine is for the 300th time by media according to the obituary section of 99 Bitcoins.
According to the article, dated May 30th the main reason for the death this time around is the high costs of crypto mining.
Forbe’s Article was titled “Bitcoin’s Need For Electricity Is Its ‘Achilles Heel’” stressing on the fact of electricity being the primary issue.
Costs of crypto mining include the hardware required to mine along with high electricity being consumed.
A part of the article stated that Bitcoin mining is a significant threat to the world.
“Predictably, Bitcoin miners downplay both their energy usage and the threat it poses to ordinary people, ordinary businesses and the planet that they occupy.”
What captured the attention of many is at the 200th death recorded by 99Bitcoins the BTC price hit the groundbreaking $11,000 mark. Will this happen in the 300th death too?
The obituary by 99Bitcoins has stated that Bitcoin has died 62 times this year!
2018 has begun with massive criticism from major Wallstreet Financial gurus and government representatives. For example the Oracle of Omaha, Warren Buffet has even called Bitcoin ‘rat poison squared.’
While there has been criticism, you cannot deny the number of strong statements from technical wizards like Apple’s co-founder Steve Wozniak saying that ‘only Bitcoin is pure digital gold.’
In the 99 Bitcoin’s obituary section, the oldest death of Bitcoin was on December 15th, 2010 from the publication ‘The Underground Economist’ with the title ‘Why Bitcoin can’t be a currency.’ At the time of the first death according to media, Bitcoin was only worth $0.23.
After 300 deaths, Bitcoin is glowing brighter than ever at a price range of $7,312.87 at the time of the latest Forbes article.
Will Satoshi Nakamoto have the last laugh? Let us know what you think!
Image Source: “99bitcoins”
Source: Toshi Times
Original Post: Bitcoin Has Been Sentenced to Death 300 Times