Bitcoin (BTC) currently priced at $43,964, has demonstrated a remarkable surge of almost 170% since the European Central Bank (ECB) raised concerns about its imminent ‘irrelevance.’
Bitcoin Surges by 170% Post ECB’s ‘Last Gasp’ Declaration at 16.4K Dollars
Contrary to economists’ predictions, BTC has defied expectations, particularly after the ECB’s blog post on November 30, 2022, which essentially declared the end for Bitcoin when it traded at a modest $16,400. The post, published in the aftermath of FTX exchange’s collapse and the subsequent market turmoil, argued that even those levels were just a temporary halt on the way to further declines.
The post stated, ‘The value of bitcoin peaked at USD 69,000 in November 2021 before falling to USD 17,000 by mid-June 2022. Since then, the value has fluctuated around USD 20,000.’ It foresaw an artificially induced ‘last gasp’ before Bitcoin’s descent into irrelevance, a prediction that seemed to be in motion as BTC revisited $16,400 in mid-December.
However, Bitcoin defied this narrative. After a brief dip, it staged a robust comeback, registering a 70% gain in Q1, 2023 alone. A year after the premature obituary by the ECB, Bitcoin is currently at its highest since April 2022, reaching $43,800, marking a 166% increase from the alarm sounded by the bank. This impressive performance underscores Bitcoin’s resilience and its ability to defy projections and rebound, even in the face of premature declarations of demise.
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