⸺ Obituary · December 29, 2021 ⸺
“Reality Check For Cryptocurrency: Bitcoin Is A Scam Which Will Only End In Tears”
— Daily Mail, Alex Brummer
“People buy into bitcoin in expectation of handsome returns. That expectation is sustained by the profits of those who cash out. But there is no external source of income. As in a classic Ponzi scheme old investors cashing out only do so at the expense of new money coming in. Unlike, say, investment in shares and bonds, bitcoin makes no contribution to the greater economic or public good.”
Price at death
$46,471
Today
$73,594
Resurrection
×1.6
On 2021-12-29, Alex Brummer (Economics/Finance Editor, Daily Mail) declared Bitcoin dead via Daily Mail. Bitcoin was trading at ~$46,471 at the time. The call joins the growing canon of premature obituaries.
The declaration was catalogued on December 29, 2021, when one Bitcoin traded for approximately $46,471. Since then, Bitcoin has appreciated by 58% relative to the price on the day Daily Mail pronounced it finished.