⸺ Obituary · September 12, 2018 ⸺
“The Great Cryptocurrency Crash Of 2018”
— MISES, Joseph T. Salerno
“Whether or not cryptocurrncies recover–and I doubt they will–it is clear that their volatility make them unfit to serve as a general medium of exchange. However this lesson will likely be lost on the promoters of cryptocurrency.”
Price at death
$6,329
Today
$73,594
Resurrection
×11.6
On 2018-09-12, Joseph T. Salerno (Economist and Professor, Pace University) declared Bitcoin dead via MISES. Bitcoin was trading at ~$6,329 at the time. The call joins the growing canon of premature obituaries.
The declaration was catalogued on September 12, 2018, when one Bitcoin traded for approximately $6,329. Since then, Bitcoin has appreciated by 11.6× relative to the price on the day MISES pronounced it finished.