⸺ Obituary · December 7, 2018 ⸺
“Is Bitcoin Going To Zero?”
— Forbes, Peter Mallouk
“In my opinion, bitcoin is dead. It won’t go quietly, but the recent precipitous drop may be the beginning of its inevitable and inexorable death spiral. Or there could be a dead cat bounce. Either way, I see bitcoin as a dead man walking. Future generations may read about bitcoin in a finance textbook as a curiosity and wonder what all the fuss was about. There are still some die-hard adherents espousing the virtues of bitcoin, desperate to make a silk purse out of a sow’s ear. Unfortunately for them, the end may not be pretty when it comes.”
Price at death
$3,404
Today
$73,594
Resurrection
×21.6
On 2018-12-07, Peter Mallouk (Wealth Manager) declared Bitcoin dead via Forbes. Bitcoin was trading at ~$3,404 at the time. The call joins the growing canon of premature obituaries.
The declaration was catalogued on December 7, 2018, when one Bitcoin traded for approximately $3,404. Since then, Bitcoin has appreciated by 21.6× relative to the price on the day Forbes pronounced it finished.