⸺ Obituary · December 16, 2017 ⸺
“A Nobel Prize-Winning Economist Says Bitcoin Is A More Obvious Bubble Than Housing Was”
— Business Insider, Paul Krugman
“It’s got this mystique about it, because it’s some fancy technological thing that nobody really understands. There’s been no demonstration yet that it actually is helpful in conducting economic transactions. There’s no anchor for its value. You know, unlike pieces of paper with dead presidents on them, those are anchored by the fact that you can use them to pay taxes. There’s not anchor for bitcoin. But bitcoin has developed this mystique.”
Price at death
$19,343
Today
$73,565
Resurrection
×3.8
On 2017-12-16, Paul Krugman (Economist) declared Bitcoin dead via Business Insider. Bitcoin was trading at ~$19,343 at the time. The call joins the growing canon of premature obituaries.
The declaration was catalogued on December 16, 2017, when one Bitcoin traded for approximately $19,343. Since then, Bitcoin has appreciated by 3.8× relative to the price on the day Business Insider pronounced it finished.