⸺ Obituary · March 26, 2016 ⸺
“1,000 Bitcoin Wallets Won't Replace One Financial Revolution”
— CoinDesk, John Biggs
“At this point in the bitcoin lifecycle, the fear, uncertainty and doubt (FUD) and naysaying we’ve been hearing is mostly true. The network is abysmally slow. The use cases are half-baked and consumers will receive no implicit benefit from bitcoin over, say, swiping their Visa card. The bitcoin 1.0 experiment is, in short, over.”
Price at death
$417
Today
$73,525
Resurrection
×176
On 2016-03-26, John Biggs (CEO, Freemit) declared Bitcoin dead via CoinDesk. Bitcoin was trading at ~$417 at the time. The call joins the growing canon of premature obituaries.
The declaration was catalogued on March 26, 2016, when one Bitcoin traded for approximately $417. Since then, Bitcoin has appreciated by 176× relative to the price on the day CoinDesk pronounced it finished.