⸺ Obituary · February 26, 2014 ⸺
“Bitcoin Is Dead”
— Street Insider, Steven Englander
“Bitcoin’s market cap on paper by far exceeds that of the competition, but the ability to translate Bitcoin wealth to wealth in other forms is very limited. There are many Bitcoin holders heavily invested in Bitcoin’s success and it has a first mover advantage. However as a store of value, its only value is reputational, and recent developments have shaken that reputation.”
Price at death
$577
Today
$73,484
Resurrection
×127
On 2014-02-26, Steven Englander (Head of Forex, Citi) declared Bitcoin dead via Street Insider. Bitcoin was trading at ~$577 at the time. The call joins the growing canon of premature obituaries.
The declaration was catalogued on February 26, 2014, when one Bitcoin traded for approximately $577. Since then, Bitcoin has appreciated by 127× relative to the price on the day Street Insider pronounced it finished.