Good Ol’ FUD: The Brightest Media Burials of Bitcoin in 2018
For Bitcoin’s 10th anniversary, we remember the brightest FUD of 2018: from Tulip Mania to Dr. Doom calling Vitalik a “dictator for life.”
Ten years ago, on Jan. 3, 2009, the Bitcoin (BTC) network was created. Since then, the asset’s price has famously been subject to volatility. That, along with the inceptive crypto’s focus on decentralization, have been disturbing mainstream media, which still fails to grasp and discuss the concept of Bitcoin without skepticism — hence the omnipresent headlines exclaiming its so-called death.
Last year was no different in regard to the FUD (i.e., fear, uncertainty and doubt) about crypto, and Bitcoin specifically — especially considering the bear’s arrival. According to 99bitcoins, the virtual currency had been declared as dead at least 91 times in 2018. Here’s how media and mainstream economists buried Bitcoin throughout the year, month by month.
“Bitcoin could be here for 100 years but it’s more likely to ‘totally collapse,’ Nobel laureate says” — CNBC
BTC price: $11,721
On Jan. 19, when Bitcoin’s price was still soaring, even after a major bounceback from its December all-time high, Nobel Prize-winning economist Robert Shiller told CNBC that Bitcoin would collapse entirely. In what now seems like an obligatory move for Bitcoin skeptics, Shiller compared the cryptocurrency to the Dutch Tulip Mania:
"It has no value at all unless there is some common consensus that it has value. Other things like gold would at least have some value if people didn't see it as an investment,” Shiller said, adding:
“It reminds me of the Tulip Mania in Holland in the 1640s, and so the question is did that collapse? We still pay for tulips even now and sometimes they get expensive. [Bitcoin] might totally collapse and be forgotten and I think that's a good likely outcome but it could linger on for a good long time, it could be here in 100 years."
“Is Bitcoin Heading To Zero?” — Forbes
BTC Price: $8,173
In February, Forbes published a more detailed investigation of the continuing Bitcoin price drop. The article focused on the main shortcomings of Bitcoin in relation to Ethereum (ETH): namely, transaction fees and governance issues.
The Forbes author cited PH.D. economist Eli Dourado’s work on Ethereum, which highlighted that transaction costs on the Ethereum blockchain were considerably cheaper. Furthermore, the governance of Bitcoin and its ongoing development were also cited as potential issues:
“Bitcoin has been unable to seriously address its on-chain scaling problems. Its community has alienated, marginalized, and purged dissenting voices, notably Mike Hearn, Gavin Andresen, and Jeff Garzik. Its core development team has been captured by an ideological faction committed to only off-chain scaling in the name of decentralization. This faction has undermined consensus scaling agreem