⸺ Obituary · January 11, 2018 ⸺
“Bitcoin Is Not The Currency Of The Future”
— Social Europe, Paul De Grauwe
“The expectation that the price of Bitcoins will continue to rise in the distant future has a lot to do with the belief of many people that Bitcoin, and other “cryptocurrencies”, are the money of the future. Nothing could be farther from the truth. In fact, the Bitcoin is an archaic currency like gold used to be.”
Price at death
$13,287
Today
$73,495
Resurrection
×5.5
On 2018-01-11, Paul De Grauwe (Economist and Professor, London School of Economics) declared Bitcoin dead via Social Europe. Bitcoin was trading at ~$13,287 at the time. The call joins the growing canon of premature obituaries.
The declaration was catalogued on January 11, 2018, when one Bitcoin traded for approximately $13,287. Since then, Bitcoin has appreciated by 5.5× relative to the price on the day Social Europe pronounced it finished.