Crypto’s Comeback: How the Numbers Drowned Out the Critics in 2023!

In a surprising turn of events following Donald Trump’s 2024 election, a moment of honesty emerged from an unexpected duo. On their popular Crypto Critics’ Corner podcast, Cas Piancey and Bennett Tomlin—two of the most knowledgeable skeptics in the crypto world—made a stunning admission. After years of critiquing Tether and the crypto ecosystem, they finally acknowledged that their long-anticipated regulatory crackdown was unlikely to happen. Their candid remark? “They win, we lose.”

The Decline of Bitcoin Obituaries

This eye-opening moment from major critics isn’t just a one-off. At 99Bitcoins, a dedicated site tracking Bitcoin’s “death” announcements since 2010, editors found themselves with little to report in 2024. Their “Bitcoin obituaries” counter noted a mere two declarations of Bitcoin’s demise this year—the lowest since 2012!

The trend is clear: Bitcoin obituaries peaked in 2017 with 124 death declarations, just as it began its first massive price rally. A similar spike occurred during the market’s second bull run in 2021-2022, coinciding with the fallout from the FTX collapse. But 2024’s tally of just two obituaries signals a dramatic change in how the world perceives Bitcoin.

Bitcoin ETFs: Shattering Records

The surge in Bitcoin’s acceptance can largely be attributed to the revolutionary approval of Bitcoin ETFs. When these ETFs launched in March 2024, they didn’t just create a regulatory milestone; they sparked a torrent of institutional interest. BlackRock’s iShares Bitcoin Trust obliterated every previous ETF launch record, racking up $10 billion in assets within just seven weeks—an accomplishment that had previously taken the SPDR Gold Shares two years. By the end of 2024, the iShares Bitcoin Trust amassed a jaw-dropping $50 billion in assets in less than a year.

On its first trading day alone, volumes surpassed $4.65 billion, showcasing tremendous demand from both institutional and retail investors. With total net assets exceeding $106 billion, these Bitcoin ETFs are not merely successful; they’re nearing the scale of gold ETFs that have established their dominance for decades. This isn’t just acceptance; it represents a seismic shift in how traditional financial systems view and access cryptocurrency.

Larry Fink’s transformation from crypto skeptic to champion is a testament to this evolution. His journey from dismissing Bitcoin as a mere money laundering tool to overseeing one of the most successful ETF launches in history perfectly captures the broader acceptance of cryptocurrency as a legitimate asset class.

Bitcoin’s Political Transformation

But the changes aren’t just confined to the financial world; the political landscape has transformed as well. Donald Trump, once an outspoken critic who labeled Bitcoin a “scam against the dollar” back in 2021, has now stepped boldly into the crypto arena. His appearance at the Bitcoin 2024 Conference marked a significant moment for cryptocurrency on the global political stage. His choice of JD Vance, a prominent crypto advocate, as a vice-presidential candidate further solidifies cryptocurrency’s place in serious political discussions.

Perhaps the most telling shift is occurring in Washington, where the conversation has pivoted from regulatory skepticism to strategic opportunity. The discussion around a Bitcoin Strategic Reserve in the U.S. Senate—unthinkable just a few years ago—illustrates a groundbreaking shift in how lawmakers view cryptocurrency’s potential role in our economy. This isn’t just about acknowledging crypto; it’s about embracing it as a fundamental part of our financial strategy.

Beyond Bitcoin: The Crypto Evolution

The embrace of cryptocurrency isn’t limited to Bitcoin alone. Stablecoins, supported by major financial institutions and payment processors like Stripe, are now processing transaction volumes that rival traditional networks like Visa. This innovative leap in payment technology is becoming impossible for anyone to overlook.

The notable decrease in Bitcoin obituaries in 2024 isn’t just a trivial statistic; it signals a monumental shift in cryptocurrency’s evolution from a speculative trend to a recognized pillar of the financial landscape. The real question now isn’t whether crypto will endure, but rather how it will adapt and integrate with established financial systems.

The folks at 99Bitcoins might find themselves with even less to do in the coming years, but they’ve recorded a spectacular story: the year when the skeptics had no choice but to accept that cryptocurrency is not just a passing fad—it’s here to stay!