Part of the death sentence could be a result of regulatory crackdowns from the Securities and Exchange Commission. The financial watchdog has warned of pump-and-dump schemes in ICOs, shut some down and charged one backed by Floyd Mayweather and DJ Khalid with fraud.
Bitcoin pundits have argued that more regulatory clarity could open up the gates to institutional investors.
“We’ve seen the same concerns, including lack of regulatory clarity still holding for the balance of 2018 and keeping many institutions at bay,” said Joe DiPasquale, CEO of BitBull Capital. "We don't think that demand will happen until 2019 — it’s still a market for those who are earlier movers in crypto."
The SEC is taking steps in that direction with a recent announcementspecifying that ethereum is not a security. The agency did say, however, it would not change the rulebook when it comes to classifying cryptocurrencies.
It remains to be seen whether bitcoin will live up to some of the bullish calls for it made earlier this year.
Fundstrat Global Research's Tom Lee, the only major Wall Street strategist to issue bitcoin price targets, predicted the cryptocurrency would reach $20,000 by the middle of the year and $25,000 by the end of 2018.
Venture Capitalist Tim Draper predicted bitcoin would be $250,000 by 2022. When asked during an April bitcoin debate how the digital currency compared to his early investments in Tesla, Hotmail and Skype, Draper said bitcoin will be "bigger than all of those combined" and "bigger than the internet."
Pantera Capital founder and CEO Dan Morehead said in an April investor letter that bitcoin is "highly likely to have exceeded $20,000 within a year."