⸺ Obituary · December 27, 2017 ⸺
“Bitcoin Is An Implausible Currency”
— Bloomberg, Megan McArdle
“So when I ask “What is bitcoin good for?” the answer I come up with is “not enough to justify anything like these valuations.” There are all sorts of interesting applications for cryptocurrencies and blockchains. But unless they become a global currency, or a global payment system, I don’t see why, 50 years from now, anyone is going to be willing to pay tens of thousands of dollars to get their hands on one.”
Price at death
$15,378
Today
$73,594
Resurrection
×4.8
On 2017-12-27, Megan McArdle (Economics Writer, Bloomberg) declared Bitcoin dead via Bloomberg. Bitcoin was trading at ~$15,378 at the time. The call joins the growing canon of premature obituaries.
The declaration was catalogued on December 27, 2017, when one Bitcoin traded for approximately $15,378. Since then, Bitcoin has appreciated by 4.8× relative to the price on the day Bloomberg pronounced it finished.