⸺ Obituary · November 26, 2018 ⸺
“The Bitcoin ‘Pyramid Scheme’ Continues To Collapse”
John Crudele
Photo: John Crudele, via X (@johncrudele)
“Bitcoin, while not officially a product of traditional Wall Street, is a pyramid scheme. A fraud. But it is best described as a “confidence game.” I’ve been calling it a “bitcon” for a long time. And now the pyramid seems to be collapsing because fewer and fewer people have confidence that the price of this inherently worthless “cryptocurrency” is going to continue to rise.”
Price at death
$3,761
Today
$61,577
Resurrection
×16.4
On 2018-11-26, John Crudele (Columnist) declared Bitcoin dead via NYPost. Bitcoin was trading at ~$3,761 at the time. The call joins the growing canon of premature obituaries.
The declaration was catalogued on November 26, 2018, when one Bitcoin traded for approximately $3,761. Since then, Bitcoin has appreciated by 16.4× relative to the price on the day New York Post pronounced it finished.