Why Bitcoin can be compared to a cockroach

Bitcoin is like a cockroach: stubborn, unyielding and indestructible. Why the comparison is justified.

Chopping off the head doesn't help: cockroaches can survive for just under a week without a head. You can't crush them either: the flexible exoskeleton can withstand 900 times its own body weight. Cockroaches can also hold their breath for more than half an hour - so you can't get rid of them through the toilet either. Cockroaches are an eyesore for many people precisely because the pests are difficult to get rid of.

The situation is similar to Bitcoin. In the financial world, cryptocurrency has long been a hated sight - and in some cases still is today. An unwelcome plague: that's probably how JPMorgan CEO Jamie Dimon or billionaire Warren Buffett would describe Bitcoin. Previous attempts to ban Bitcoin were ineffective. Bitcoin - against all prediction - is becoming increasingly popular and rising in value. Like a cockroach - these insects have existed for 350 million years - is Bitcoin here to stay?

Mt.Gox and FTX: the death of Bitcoin?

This is evident from several moments when Bitcoin and co. have proven their resilience. For example, the crash of Mt.Gox. Caused by the loss of about 850,000 BTC, the largest Bitcoin exchange collapsed in 2014 - as did the Bitcoin price. Many investors had lost faith in the cryptocurrency.

The situation was similar in November 2022, when FTX collapsed. The crypto empire led by Sam Bankman-Fried literally imploded, causing a new crisis of confidence in the cryptoscene. Bitcoin also collapsed again: as much as $15,000 per "coin."

This is why Bitcoin is like a cockroach

Since then, Bitcoin has grown by more than 400 percent increased. Indeed, Mt.Gox and FTX were not due to a flaw in Bitcoin, but to the failure of centralized authorities. Bitcoin has remained true to its values: Decentralization, accountability and transparency. Like the "indestructible" cockroaches, Bitcoin is also "indestructible." writes The Economist In an explanation of cockroach theory.

This "indestructibility" is "anchored in technology." Bitcoin has no CEO, no marketing team and no board of directors. In other words, there are no centralized entities and Bitcoin is not vulnerable to attack. According to The Economist this is the "hard shell" of the oldest cryptocurrency.

The most successful currency ever?

The kicking the ass of GreenpeaceUSA doesn't hurt Bitcoin, the words of Jamie Dimon or Warren Buffett can't hurt the cryptocurrency. And: even the world's most powerful regulator, the SEC, eventually had to give in to the pressure of demand for Bitcoin.

Moreover, despite all the attacks from regulatory agencies, Bitcoin continues to run unscrupulously. Its uptime, meaning the time the Bitcoin network is online, is 99.98 percent. This means Bitcoin beats even the world's reserve currency, the U.S. dollar.

It remains to be seen whether Bitcoin will remain successful in the future. However, the comparison with the "indestructible" cockroaches is legitimate, says X user @seoulbtc. After all, cockroaches are one of the most successful species on our planet.