⸺ Obituary · October 24, 2017 ⸺
“UCLA Faculty Voice: Bitcoin Is An Energy-Wasting Ponzi Scheme”
— UCLA, Ivo Welch
“Digital currencies, in their current form, should be prohibited by law. And not because they are a Ponzi scheme (which they are), and not because they can help facilitate criminal activity (which they do), but because they incur colossal social waste….”
Price at death
$5,519
Today
$73,562
Resurrection
×13.3
On 2017-10-24, Ivo Welch (Professor, UCLA) declared Bitcoin dead via UCLA. Bitcoin was trading at ~$5,519 at the time. The call joins the growing canon of premature obituaries.
The declaration was catalogued on October 24, 2017, when one Bitcoin traded for approximately $5,519. Since then, Bitcoin has appreciated by 13.3× relative to the price on the day UCLA pronounced it finished.