Bitcoin Doubters that were proven Wrong

September 8, 2019 By: Lorenzo Stroe

People have always doubted the next big thing, Bitcoin has had many haters and non-believers in its history. Today we are taking a look at the top 10 doubters (in no particular order) who were proven extremely wrong by Bitcoin over time.

10. Robert Shiller

Robert (Shill)er, economist and nobel prize winner said in 2014 that Bitcoin was an amazing example of a bubble. Of course it was no surprise for Shiller to say this since he is an expert in economic bubbles, Shiller also stated that he is ”amazed by how people are so excited about it”. Of course he was proven wrong and although Bitcoin has ‘popped’ a few times it is still strong and very much alive.

Robert doubled down his predictions and in May of 2018 said that bitcoin could go extinct in 100 years, “It looks like a bubble,” Robert said. Will he be proven wrong once again in 2118?

9. Kevin Dowd

Kevin Dowd actually wrote a paper in 2014 on Bitcoin, called ‘Bitcoin Will Bite the Dust’. Kevin’s main problem is that Bitcoin will not be sustainable because of its PoW system, mining. Kevin is basically talking about a 51% attack and a mining monopoly. This is a very unlikely event and certainly not profitable. Anyone who wants to take control and ruin Bitcoin will also ruin himself. Anyhow, Bitcoin has not collapsed and a 51% attack is looking far less likely now.

Kevin also doubled down his prediction in 2019 and says Bitcoin will still bite the dust.

8. The Weekly Standard

The Weekly Standard was an American political magazine of news. Their 2014 post was quite controversial after using ‘Bitcoin Is Dead’ as the title. In the post TWS talks about Mt.Gox massive theft and added that ‘ bitcoin is probably functionally finished as a serious hope of ever achieving mass acceptance as a currency. ‘

TWS was certainly not the only ones to call Bitcoin a dead coin after Mt.Gox theft however, Bitcoin managed to bounce back create a massive bull run in 2017.

Surprise! TWS also doubled down in… 2017 with their ‘Bitcoin is still dead’ post. TWS said that Bitcoin’s best bet at the time was to become something like a digital gold but that it was very unlikely. The Weekly Standard did die and shutdown in late 2018.

7. CNN and Jeffrey Robinson

Jeffrey Robinson, Author of ‘The Naked Truth About Bitcoin’ in late 2014, explains in a CNN interview that although virtual currency is the future, Bitcoin is not that and will eventually die. Jeffrey also explains that the blockchain itself is indeed a genius invention and a lot of companies are using it but Bitcoin itself is simply a pretend currency and their followers are spreading a lot of misinformation.

Jeffrey doubled down too, this seems to be a trend, and in early 2018 said that Bitcoin is a bubble and advised people to go to Las Vegas if they want to gamble.

6. Forbes

In a 2011 post, Tim Worstall, a Forbes contributor said the end of Bitcoin was near and that Bitcoins aren’t actually secure. There was a lot of media hype at the time because Bitcoin just suffered what is called a flash crash and went from $17 (a laughable figure today) to pennies in just a few minutes. This was caused by someone selling a lot of bitcoins at once, something quite common with low liquidity assets.

Of course Tim and Forbes were proven wrong basically every day afterwards.

5. The Guardian

2018 was definitely the year when everyone thought Bitcoin was going to die. The Guardian posted an article explaining why bitcoin was simply just too over-hyped and it was all based on a dream. TG also stated that blockchain is hardly revolutionary and also bashed Ethereum and Ripple.

4. Warren Buffett

It is no surprise that Warren Buffett is in this list, he has been a prominent ‘hater’ and doubter of Bitcoin since its beginning. We wont talk about all his predictions and statements about Bitcoin because there are simply too many (mostly wrong.)

Buffett does however believe in the Blockchain technology and he called it ‘ingenious’. This is certainly another trend among Bitcoin haters.

3. MarketWatch

In May of 2018, the MarketWatch published an article talking about Bitcoin and its recent crash. They stated that Bitcoin had decent possibilities of going to zero. Joe Davis, the author did defend the blockchain, surprise, surprise.

2. The Wolf Of Wall Street

Yes, the wolf himself, Jordan Belfort, told people to get out of Bitcoin in 2018. Jordan explained that Bitcoin is based on ‘The Great Fools Theory’ and the price is only increasing because of people’s belief in it.

1. Donald Trump

It’s definitely not a surprise that President Donald Trump does not like Bitcoin or cryptocurrencies in general. A few days ago, Trump tweeted that he was not a fan of Bitcoin and that all cryptocurrencies are based on thin air, unlike the US Dollar.

Bitcoin’s price was basically unaffected by Trump’s tweets and even saw a small increase afterwards.

Bonus. John Mcafee and the 1 Million Bet

John Mcafee said Bitcoin will hit $1 Million by the end of 2020 and that he would eat his D**K if it doesn’t.

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References/Sources:

https://www.cnbc.com/2018/05/30/bitcoin-could-be-extinct-by-2118-yales-robert-shiller.html
https://business.financialpost.com/business-insider/bitcoin-is-an-amazing-example-of-a-bubble-robert-shiller
https://www.coindesk.com/bitcoin-will-still-bite-the-dust
https://www.alt-m.org/2014/11/18/bitcoin-will-bite-the-dust/
https://www.weeklystandard.com/jonathan-v-last/bitcoin-is-dead
https://www.weeklystandard.com/jonathan-v-last/bitcoin-is-still-dead
https://www.zdnet.com/article/bitcon-the-naked-truth-about-bitcoin-podcast/
https://money.cnn.com/video/technology/2014/10/29/jeffrey-robinson-bitcoin.cnnmoney/
https://www.cnbc.com/2018/01/19/prominent-crypto-critic-jeffrey-robinson-calls-bitcoin-a-bubble.html
https://www.forbes.com/sites/timworstall/2011/06/20/so-thats-the-end-of-bitcoin-then/
https://www.theguardian.com/business/2018/mar/05/bitcoin-is-based-on-the-blockchain-pipe-dream
https://www.ccn.com/warren-buffett-still-clueless-about-bitcoin-calls-it-delusional/
https://www.coindesk.com/warren-buffet-bitcoin-is-a-delusion-but-blockchain-is-ingenious
https://www.marketwatch.com/story/theres-a-decent-probability-bitcoin-goes-to-zero-says-vanguard-economist-2018-05-21
https://twitter.com/realDonaldTrump/status/1149472282584072192
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