Since the invention of the Bitcoin first digital currency in 2009, the markets were mostly skeptical of both Bitcoin and the blockchain technology, on which the cryptocurrency is based. Some people looked at the future of virtual money with optimism, others were confident that cryptocurrency is another “bubble” that will only disappoint people. In our report, you will learn about the main negative predictions about the future of Bitcoin which never came true.
Bitcoin will not survive (2011)
In June 2011, Bitcoin faced one of its epic declines, probably one of the worst it will ever experience – a sudden fall from $17 to a few pennies within minutes. After that, the Forbes financial and economic magazine published an article in which it practically condemned the cryptocurrency to death, writing that Bitcoin would not last long in the world market since it does not fully comply with the norms of liquidity and security. However, this forecast had not proven successful, and six years later at the end of 2017, the cost of cryptocurrency increased to the level of $20 thousand per one token, demonstrating in 2018 a decline to the level of $ 6-7 thousand.
In 2014, the Bitcoin's price will crash to $0.00 (2014)
It is no news that Wall Street has not been very optimistic regarding Bitcoin. In 2014, after the collapse of the most famous Bitcoin exchange, Mt. Gox, when the company declared itself bankrupt by reporting the disappearance of 850,000 bitcoins, Wall Street began to actively “cancel” all the successes of cryptocurrency. Many economists almost immediately wrote off Bitcoin from their accounts, advising traders to abandon the purchase of digital currency, since "tomorrow it may crash to zero." However, like many other pessimistic forecasts, this prediction did not come true.
Bitcoin will reach $1 by the end of 2016 (2015)
A very interesting statement made by an anonymous Twitter user in 2015. In his words, Bitcoins are going to be another dot com bubble and it will burst by the end of 2016. And they will crash to $1 per bitcoin. Apparently this statement has been removed from Titter, probably because the prediction hasn't come to pass yet and may never come to pass in the future. The only mention of this is preserved in the archives of the Reddit social news site.
The Bitcoin Experiment is over (2016)
In 2016, the CEO of TransferWire, Taavet Hinrikus, said Bitcoin is dead. There is no traction, no one is using bitcoin. Hinrikus made this statement at a time when bitcoin was trading at $430. Less than a year later, the price of Bitcoin jumped to the area of $20,000 per coin.
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