⸺ Obituary · March 7, 2016 ⸺
“Death Sentence For The World’s Most Popular Cryptocurrency”
— Cointelegraph, David Yermack
“Bitcoin will soon be dead, claims David Yermack, chairman of the Finance Department at NYU’s Stern School of Business. He blames the democratic process of decision-making in the Bitcoin community for the cryptocurrency’s problems.”
Price at death
$413
Today
$73,545
Resurrection
×178
On 2016-03-07, David Yermack (Chairman of Finance department, NYU Stern) declared Bitcoin dead via Cointelegraph. Bitcoin was trading at ~$413 at the time. The call joins the growing canon of premature obituaries.
The declaration was catalogued on March 7, 2016, when one Bitcoin traded for approximately $413. Since then, Bitcoin has appreciated by 178× relative to the price on the day Cointelegraph pronounced it finished.