⸺ Obituary · November 30, 2022 ⸺
“Bitcoin's Last Stand”
— ECB, Ulrich Bindseil
“Since Bitcoin appears to be neither suitable as a payment system nor as a form of investment, it should be treated as neither in regulatory terms and thus should not be legitimised. Similarly, the financial industry should be wary of the long-term damage of promoting Bitcoin investments - despite short-term profits they could make (even without their skin in the game). The negative impact on customer relations and the reputational damage to the entire industry could be enormous once Bitcoin investors will have made further losses.”
Price at death
$16,445
Today
$73,594
Resurrection
×4.5
On 2022-11-30, Ulrich Bindseil (Director General of Market Infrastructure and Payments, European Central Bank) declared Bitcoin dead via ECB. Bitcoin was trading at ~$16,445 at the time. The call joins the growing canon of premature obituaries.
The declaration was catalogued on November 30, 2022, when one Bitcoin traded for approximately $16,445. Since then, Bitcoin has appreciated by 4.5× relative to the price on the day ECB pronounced it finished.