⸺ Obituary · July 25, 2017 ⸺
“Howard Marks Sounds the Alarm on Tech, Cryptocurrencies and Private Equity”
— Bloomberg, Howard Marks
“Digital currencies are nothing but an unfounded fad (or perhaps even a pyramid scheme), based on a willingness to ascribe value to something that has little or none beyond what people will pay for it...nobody has been able to make sense to me of these currencies.”
Price at death
$2,591
Today
$73,594
Resurrection
×28.4
On 2017-07-25, Howard Marks (Investor) declared Bitcoin dead via Bloomberg. Bitcoin was trading at ~$2,591 at the time. The call joins the growing canon of premature obituaries.
The declaration was catalogued on July 25, 2017, when one Bitcoin traded for approximately $2,591. Since then, Bitcoin has appreciated by 28.4× relative to the price on the day Bloomberg pronounced it finished.