⸺ Obituary · November 5, 2014 ⸺
“Bitcoin Is Bust: Why Investors Should Abandon The Doomed Cryptocurrency”
— City A.M., Kevin Dowd
“And so the whole bitcoin system eventually becomes a house of cards, and anything – a scandal, a government attack, whatever – could trigger a loss of confidence leading to a run that brings it all down. . . . There will be a stampede for the exit, the price of bitcoin will drop to its intrinsic value – zero – and the system will collapse. The only question is when.”
Price at death
$337
Today
$73,594
Resurrection
×218
On 2014-11-05, Kevin Dowd (Economist) declared Bitcoin dead via City A.M.. Bitcoin was trading at ~$337 at the time. The call joins the growing canon of premature obituaries.
The declaration was catalogued on November 5, 2014, when one Bitcoin traded for approximately $337. Since then, Bitcoin has appreciated by 218× relative to the price on the day City A.M. pronounced it finished.