The Complete History of Bitcoin Skepticism
Did you listen to your TV or did you DCA?
Bitcoin has been declared dead, worthless, a fraud, a bubble, or doomed hundreds of times since its inception. Sites like BitcoinDeaths.com and 99Bitcoins.com track over 480 “obituaries” as of late 2025—premature declarations of Bitcoin’s demise by media outlets, economists, bankers, and investors.
Despite this relentless criticism and defamation (often calling it a Ponzi scheme, tool for criminals, or environmental disaster), Bitcoin has repeatedly surged to new highs.
Here’s an enriched timeline incorporating notable expert predictions, government attempts to ban or restrict it, alleged network vulnerabilities, and common tropes/myths that proved false (some of these are just too good haha):
2009–2013: Early Dismissals and First Bans
Governments begin reacting: China prohibits virtual currencies for in-game trades (2009); Thailand declares Bitcoin illegal (2013) due to lack of legal framework.
Today, Thailand is marketing $0 Capital Gains tax on all cryptocurrencies as a way to gain citizens and retirees. I guess it isn’t illegal?? Only took 10 years…
Paul Krugman (2013): Bitcoin is a bubble that “will collapse and be forgotten.”
BTC price: ~$100–$1,000.
Common trope: “Bitcoin is just for criminals” (early Silk Road association).
2014–2017: Escalating Bans and “Fraud” Labels
Bolivia (2014), Ecuador (2014), Bangladesh (2014–2017): Outright bans, calling it a “pyramid scheme” or unregulated threat.
Jamie Dimon (JPMorgan CEO, 2017): “Bitcoin is a fraud” that “will eventually blow up.”
BTC price: ~$4,000–$15,000.
Myth: “Bitcoin is like Tulip Mania” – a speculative bubble with no value (repeated endlessly; debunked as Bitcoin provides utility as scarce, transferable digital money, unlike perishable flowers).
2018–2021: Mining Bans, 51% Attacks on Forks, and Persistent Bears
China escalates: Bans institutions (2013), exchanges (2017), mining/transactions (2021) – the most aggressive crackdown, forcing global hash rate migration. (READ MY LETTER COVERING THESE EVENTS FROM 5 YEARS AGO! NOW THEY BUY MORE THAN MOST COUNTRIES LESS THAN 10 YEARS LATER).
Other bans: Algeria (2018), Egypt (2018, partly religious reasons), Nepal, Qatar, Tunisia.
Network attacks: Multiple 51% attacks on smaller forks like Bitcoin Gold (2018–2020, $18M+ double-spends), Ethereum Classic (2019–2020), Verge. No successful 51% attack or major double-spend on Bitcoin itself – its massive hash rate (largest computing network ever) proves resilient. THE LARGEST COMPUTING NETWORK EVER BUT THEY SAY ITS JUST “NOTHING”.
Nouriel Roubini (2018): “Biggest bubble... will crash to zero.” Peter Schiff (ongoing): “Going to zero, no value.”
![Peter Schiff in [insert your favorite year]: "Bitcoin has no ...](https://substackcdn.com/image/fetch/$s_!sVf6!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F5b78036f-d829-44bd-94e5-92a588f0e248_640x680.png "Peter Schiff in [insert your favorite year]: \"Bitcoin has no ...")
Warren Buffett: “Rat poison squared.”
Myth: “Bitcoin uses too much energy / bad for environment” – Mining increasingly uses renewables (~57%+ by 2025); often utilizes stranded/waste energy. (READ MY LETTER TALKING ABOUT BITCOIN MINING WITH A VOLCANO).
2022–2025: Mixed Regulations and Renewed Obituaries
Partial bans/restrictions: Nigeria (lifted 2023), Kosovo (mining ban 2022 for energy crisis), North Macedonia (only EU country with explicit ban).
Most countries shift to regulation (e.g., U.S. ETFs 2024, El Salvador legal tender 2021).
Eugene Fama (Nobel economist, 2025): Probability of Bitcoin to zero “close to one.”
BTC price: ~$90,000–$100,000+.
Myth: “Bitcoin mainly for crime” – Chain analysis shows <1% of transactions illicit by 2025; fiat cash far more used for crime.
Ongoing trope: “No intrinsic value” – Yet Bitcoin’s scarcity, decentralization, and network effects provide value as digital gold/store of value.
![Peter Schiff in [insert your favorite year]: "Bitcoin has no ...](https://substackcdn.com/image/fetch/$s_!sVf6!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F5b78036f-d829-44bd-94e5-92a588f0e248_640x680.png "Peter Schiff in [insert your favorite year]: \"Bitcoin has no ...")
Media (CNBC, Bloomberg, NYT) ran countless “Bitcoin is Dead” headlines during every correction. Critics clustered obituaries in 2017–2018 (~200+), 2022 winter, and 2025 drawdowns.
So for everyone who likes to insert the stock market as some kind of reputable place to invest, or, just loves to find a way to cope about the fact they intentionally did not participate in the greatest wealth building period of all time….here is a reminder:
What Actually Happened: Bitcoin’s Unstoppable Rise (2009–2025)
Despite bans (many reversed or bypassed via P2P), failed attacks on the core network, debunked myths, and endless expert doomsaying:
2009–2010: ~$0 to $0.003+ (pizza transaction).
2011–2013: $1 to $1,000+ (survives early bans).
2017: ~$20,000 ATH.
2021: ~$69,000 ATH.
2024–2025: Breaks $100,000 (Jan 2025), peaks ~$126,000 (Oct 2025), trades ~$89,000 amid December correction – up millions of percent overall. MILLIONS OF PERCENT IN 13 years?!?!?!?
![Bitcoin Monthly Returns [Heatmap & Chart]](https://substackcdn.com/image/fetch/$s_!4J56!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F7848f6a4-3aed-4b7a-942b-4c1b5fac4cfd_645x300.png "Bitcoin Monthly Returns [Heatmap & Chart]")
![Bitcoin Monthly Returns [Heatmap & Chart]](https://substackcdn.com/image/fetch/$s_!4J56!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F7848f6a4-3aed-4b7a-942b-4c1b5fac4cfd_645x300.png "Bitcoin Monthly Returns [Heatmap & Chart]")
Bans drove innovation (hash rate decentralized globally). Attacks hit weak forks, proving Bitcoin’s security. Myths crumbled under adoption (ETFs, institutions, nations). The ultimate rebuttal: Bitcoin didn’t die—it became a multi-trillion-dollar asset class. Resilience wins.
$89,000 sure does look cheap from here…will you start to DCA or become another Peter Schiff?
I mean how much more needs to be done for Bitcoin to prove itself as the hardest form of money that has ever existed? Imo, we can’t afford to sit this one out. Even if you never were a part of the rise or made a ton of money. It is about preserving your purchasing power and protecting the time you exchanged for the money in the first place.
What do you think?
God-Willing, see you at the next letter.
GRACE & PEACE