⸺ Obituary · March 14, 2018 ⸺
“Bitcoin Is Worthless, Bubble May Pop Soon, Allianz Global Says”
— Bloomberg, Stefan Hofrichter
“It’s a matter of when, not if, the Bitcoin bubble will pop, according to Allianz Global Investors. “In our view, its intrinsic value must be zero,” Stefan Hofrichter, the company’s head of global economics and strategy, wrote in a recent web post. “A bitcoin is a claim on nobody – in contrast to, for instance, sovereign bonds, equities or paper money – and it does not generate any income stream.””
Price at death
$8,197
Today
$73,504
Resurrection
×9.0
On 2018-03-14, Stefan Hofrichter (Researcher) declared Bitcoin dead via Bloomberg. Bitcoin was trading at ~$8,197 at the time. The call joins the growing canon of premature obituaries.
The declaration was catalogued on March 14, 2018, when one Bitcoin traded for approximately $8,197. Since then, Bitcoin has appreciated by 9.0× relative to the price on the day Bloomberg pronounced it finished.