⸺ Obituary · March 22, 2018 ⸺
“The Bitcoin Fad Is Over”
— Seeking Alpha, Arnuj Naik
“Unfortunately, Bitcoin has totally failed to serve its purpose… The cryptocurrency is considered “digital gold,” and has regressive transaction fees that make smaller purchases more expensive compared to credit card…The point is that despite being created as a practical, superior alternative to current payment methods, Bitcoin is the inferior option with regressive transaction fees that render smaller purchases pointless, and longer processing times than credit cards.”
Price at death
$8,713
Today
$73,594
Resurrection
×8.4
On 2018-03-22, Arnuj Naik (Investor) declared Bitcoin dead via Seeking Alpha. Bitcoin was trading at ~$8,713 at the time. The call joins the growing canon of premature obituaries.
The declaration was catalogued on March 22, 2018, when one Bitcoin traded for approximately $8,713. Since then, Bitcoin has appreciated by 8.4× relative to the price on the day Seeking Alpha pronounced it finished.