⸺ Obituary · June 15, 2017 ⸺
“Stay Away From Bitcoin — It’s Complete Garbage”
— MarketWatch, Brett Arends
“Cryptocurrencies, or cyber currencies, which have been in a massive financial mania until their sudden sell-off this week, have two actual uses: online gambling and money laundering. Neither is the heart of a major business model. But that’s it…. Online currencies are hardly a “store of value” when they have fallen about 30% in a week.”
Price at death
$2,457
Today
$73,594
Resurrection
×30.0
On 2017-06-15, Brett Arends (Financial Journalist) declared Bitcoin dead via MarketWatch. Bitcoin was trading at ~$2,457 at the time. The call joins the growing canon of premature obituaries.
The declaration was catalogued on June 15, 2017, when one Bitcoin traded for approximately $2,457. Since then, Bitcoin has appreciated by 30.0× relative to the price on the day MarketWatch pronounced it finished.