⸺ Obituary · January 16, 2018 ⸺
“Bitcoin Is A Pyramid Scheme, Warns Former Wells Fargo CEO Dick Kovacevich”
— CNBC, Dick Kovacevich
“I think it’s a pyramid scheme. It makes no sense. I’m just surprised it isn’t even lower. There’s no fraudulent thing going on. It’s just a pyramid scheme. You’re betting that somebody is going to buy it. And some people have been right. The fundamentals make no sense.”
Price at death
$11,348
Today
$73,594
Resurrection
×6.5
On 2018-01-16, Dick Kovacevich (Former CEO, Wells Fargo) declared Bitcoin dead via CNBC. Bitcoin was trading at ~$11,348 at the time. The call joins the growing canon of premature obituaries.
The declaration was catalogued on January 16, 2018, when one Bitcoin traded for approximately $11,348. Since then, Bitcoin has appreciated by 6.5× relative to the price on the day CNBC pronounced it finished.