⸺ Obituary · October 23, 2020 ⸺
“Cryptocurrencies Are A Fad Best Avoided”
— The Times, Oliver Kamm
“Cryptocurrencies don’t belong in your portfolio. The reason is you can’t value them. An asset that doesn’t pay even a notional stream of cashflows — like bonds, which pay interest, or shares, which pay dividends, or property, which provides rental income — is just a gamble. By all means engage in it, like punting on a roulette wheel, for recreation, but be prepared to lose your entire stake.”
Price at death
$12,940
Today
$73,594
Resurrection
×5.7
On 2020-10-23, Oliver Kamm (Columnist, The Times) declared Bitcoin dead via The Times. Bitcoin was trading at ~$12,940 at the time. The call joins the growing canon of premature obituaries.
The declaration was catalogued on October 23, 2020, when one Bitcoin traded for approximately $12,940. Since then, Bitcoin has appreciated by 5.7× relative to the price on the day The Times pronounced it finished.