Since Bitcoin's launch in 2009, the crypto industry at large has faced constant skepticism from some of the world’s most influential voices in finance, economics, and media. Early on, many dismissed it as little more than a passing fad — a speculative bubble destined to burst. As prices fluctuated over the years that followed, each market correction provided fresh ammunition for critics to once again proclaim the ´´death´´ of Bitcoin.

In fact, the declaration that “Bitcoin is dead” had become so frequent that an entire website, Bitcoin Obituaries, exists to track each high-profile announcement of its demise. Hundreds of such predictions have been made, often coinciding with periods of pessimistic market sentiment. These negative cycles are almost always accompanied by claims that Bitcoin lacks intrinsic value, that it is merely a tool for criminals, or that it consumes unsustainable amounts of energy. Yet despite this, Bitcoin has not only survived—it has grown in adoption, market size, and legitimacy.

According to bitcoindeaths.com, critics have claimed that Bitcoin has ´´died´´ 430 times.

What’s particularly interesting is that while many high-profile critics have maintained their opposition, others have notably shifted their stance as the industry has matured. Jamie Dimon, the CEO of JPMorgan Chase, famously called Bitcoin a “fraud” in 2017, suggesting that it was destined to collapse. However, in the years since, JPMorgan has quietly integrated blockchain technology into its operations, launched its own digital token (JPM Coin), and now offers crypto investment products to its clients. While Dimon continues to voice reservations about Bitcoin specifically, his firm’s actions speak to a broader acceptance of digital assets.

In a recent publication from Crypto World by CNBC, JP Morgan is now looking into creating its own stablecoin.

Larry Fink, the CEO of BlackRock, offers perhaps one of the most visible examples of a complete reversal. In 2017, Fink dismissed Bitcoin as a tool primarily used for money laundering. Fast forward to 2023 and BlackRock filed for—and received—approval for a Bitcoin spot ETF, opening the door for institutional investors worldwide to gain exposure to the asset. Fink has since referred to Bitcoin as "digital gold," recognizing its role as a modern store of value in an increasingly uncertain economic landscape.

Larry Fink participated in an interview on CNBC last year where he was open about his skepticism at first and how he has since changed his stance.

Unironically, now Blackrock has the most successful ETF in history— one that has broken many records over its relatively short lifespan relative to other notable ETF´s. The IBIT ETF recently hit $70B in AUM in just 341 days since its inception. Image from X post by Jack W.

Others have followed similar trajectories. Ray Dalio, the founder of Bridgewater Associates, initially expressed skepticism regarding Bitcoin's long-term viability, particularly citing regulatory risks. Yet in recent years, Dalio has publicly disclosed owning Bitcoin, acknowledging its potential as a hedge against inflation and currency devaluation. Legendary investor Stanley Druckenmiller and well-known entrepreneur Kevin O’Leary have also transitioned from outright skepticism to becoming vocal supporters and investors in the space.

So why has Bitcoin been so widely misunderstood? Much of the skepticism can be attributed to persistent misconceptions that have surrounded the technology since its early days. The first is the argument that Bitcoin has no intrinsic value. Traditional financial experts, accustomed to valuing assets based on cash flows, dividends, or physical utility, often struggle to evaluate a digital bearer asset whose value is derived from its scarcity, decentralization, security, and censorship resistance. This misalignment of valuation frameworks leads many to dismiss Bitcoin outright.

Companies continue to accumulate Bitcoin and due to the limited nature of the asset— more demand will inevitably lead to prices going up even more due to supply constraints. Data from Bitcoin Treasuries, 31.5.25

The debate over Bitcoin’s environmental impact has also fueled criticism. Media narratives have often portrayed Bitcoin as an unsustainable drain on global energy resources. While Bitcoin does consume significant energy due to its proof-of-work consensus mechanism, much of that energy is drawn from renewable or stranded sources, and Bitcoin mining is increasingly viewed as a way to stabilize power grids and monetize otherwise wasted energy. As more research is conducted, the simplistic "Bitcoin is bad for the environment" narrative has begun to show its limitations.

These misunderstandings often reflect a broader societal challenge: the difficulty in evaluating emerging technologies through the lens of established systems. This isn’t unique to Bitcoin. History is full of examples where transformational technologies—whether it was electricity, the personal computer, or the internet—were initially met with fear, skepticism, and misinformation. The process of adoption typically follows a familiar curve: early dismissal, gradual education, growing adoption, and eventual acceptance. Bitcoin appears to be following this same historical arc.

Relative to other innovations, Bitcoin is still in its youth stage. Image from RIVER

As education improves and more sophisticated frameworks for evaluating Bitcoin emerge, the narrative continues to evolve. Institutions that once dismissed Bitcoin are now building products around it. Regulators are shifting from blanket skepticism to nuanced policy discussions. Public perception, too, is gradually maturing. While misinformation and fear continue to surface during each new market downturn, Bitcoin’s consistent resilience suggests that many of the early criticisms were rooted not in fundamental flaws, but in misunderstanding.

In the end, the story of Bitcoin serves as both a case study in technological innovation and a lesson in how misinformation can distort public discourse. As with past technological shifts, time, education, and experience are proving to be the most effective antidotes to fear and doubt.

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