⸺ Obituary · November 2, 2017 ⸺
“Bitcoin Is The Very Definition’ Of A Bubble, Credit Suisse CEO Says”
— Bloomberg, Tidjane Thiam
“From what we can identify, the only reason today to buy or sell bitcoin is to make money, which is the very definition of speculation and the very definition of a bubble,” he said at a news conference in Zurich on Thursday. He added that in the history of finance, such speculation has “rarely led to a happy end.””
Price at death
$7,030
Today
$73,577
Resurrection
×10.5
On 2017-11-02, Tidjane Thiam (Former CEO, Credit Suisse) declared Bitcoin dead via Bloomberg. Bitcoin was trading at ~$7,030 at the time. The call joins the growing canon of premature obituaries.
The declaration was catalogued on November 2, 2017, when one Bitcoin traded for approximately $7,030. Since then, Bitcoin has appreciated by 10.5× relative to the price on the day Bloomberg pronounced it finished.