⸺ Obituary · July 31, 2018 ⸺
“Why I’m A Crypto Skeptic”
— The New York Times, Paul Krugman
““Cryptocurrencies… Their value depends entirely on self-fulfilling expectations — which means that total collapse is a real possibility. If speculators were to have a collective moment of doubt, suddenly fearing that Bitcoins were worthless, well, Bitcoins would become worthless.””
Price at death
$7,727
Today
$73,594
Resurrection
×9.5
On 2018-07-31, Paul Krugman (Economist) declared Bitcoin dead via NYTimes. Bitcoin was trading at ~$7,727 at the time. The call joins the growing canon of premature obituaries.
The declaration was catalogued on July 31, 2018, when one Bitcoin traded for approximately $7,727. Since then, Bitcoin has appreciated by 9.5× relative to the price on the day The New York Times pronounced it finished.