⸺ Obituary · November 5, 2017 ⸺
“Bitcoin Is On The Same Path As Every Bubble In History”
— The Telegraph, Tom Stevenson
“It can hardly be viewed as a store of value. That requires at least a modicum of stability. Unlike the pound in my pocket, however, I can have no idea what a bitcoin will be worth tomorrow or in a year’s time. That, in turn, reduces its value as a unit of account. Why would another individual be prepared to accept my bitcoin for a good or service when its future value is so uncertain; for the same reason, why would I want to spend my volatile bitcoin rather than hoard it in the hope of further appreciation.”
Price at death
$7,382
Today
$73,504
Resurrection
×10.0
On 2017-11-05, Tom Stevenson (Investment Director, Fidelity International) declared Bitcoin dead via Telegraph. Bitcoin was trading at ~$7,382 at the time. The call joins the growing canon of premature obituaries.
The declaration was catalogued on November 5, 2017, when one Bitcoin traded for approximately $7,382. Since then, Bitcoin has appreciated by 10.0× relative to the price on the day The Telegraph pronounced it finished.