⸺ Obituary · June 15, 2018 ⸺
“Bitcoin's Greater Fools Go Into Hiding”
— Bloomberg, Lionel Laurent
“The historical record of Bitcoin suggests its greatest leaps are made thanks to speculation, rather than to any real progress in utility or technology. Bitcoin’s rise to $19,000 from $6,500 at the end of 2017 was fueled by the belief that the price was only ever going to go up. There was no evidence of any increased adoption in the real world — if anything, the heuristics of Bitcoin trading called for hoarding, or HODLing, to sit on the gains.”
Price at death
$6,411
Today
$73,594
Resurrection
×11.5
On 2018-06-15, Lionel Laurent (Columnist, Bloomberg Opinion) declared Bitcoin dead via Bloomberg. Bitcoin was trading at ~$6,411 at the time. The call joins the growing canon of premature obituaries.
The declaration was catalogued on June 15, 2018, when one Bitcoin traded for approximately $6,411. Since then, Bitcoin has appreciated by 11.5× relative to the price on the day Bloomberg pronounced it finished.