⸺ Obituary · February 6, 2018 ⸺
“Bitcoin Savaged By BIS As ‘A Bubble, Ponzi Scheme And An Environmental Disaster’”
— CNBC, Augustin Carstens
““While perhaps intended as an alternative payment system with no government involvement, it has become a combination of a bubble, a Ponzi scheme and an environmental disaster,” he said. “The volatility of bitcoin renders it a poor means of payment and a crazy way to store value.””
Price at death
$7,700
Today
$73,504
Resurrection
×9.5
On 2018-02-06, Augustin Carstens (General Manager, Bank for International Settlements) declared Bitcoin dead via CNBC. Bitcoin was trading at ~$7,700 at the time. The call joins the growing canon of premature obituaries.
The declaration was catalogued on February 6, 2018, when one Bitcoin traded for approximately $7,700. Since then, Bitcoin has appreciated by 9.5× relative to the price on the day CNBC pronounced it finished.