⸺ Obituary · December 1, 2017 ⸺
“There's A Fatal Flaw In Cryptocurrencies Which Means They Can Never Be Real Currencies”
— Business Insider, Paul Donovan
“The problem that cryptocurrencies face is that they fail the two key metrics of what makes a currency a currency,” Donovan said. “A currency has to be a widely used medium of exchange. Cryptocurrencies are never going to achieve that. Period.” “The fatal issue for cryptocurrencies is that the supply of them can only ever go up,” he said. “There is unlimited upside to the supply of cryptocurrencies.””
Price at death
$10,860
Today
$73,532
Resurrection
×6.8
On 2017-12-01, Paul Donovan (Economist) declared Bitcoin dead via Business Insider. Bitcoin was trading at ~$10,860 at the time. The call joins the growing canon of premature obituaries.
The declaration was catalogued on December 1, 2017, when one Bitcoin traded for approximately $10,860. Since then, Bitcoin has appreciated by 6.8× relative to the price on the day Business Insider pronounced it finished.