⸺ Obituary · September 18, 2017 ⸺
“Bitcoin’s Wild Ride Shows The Truth: It Is Probably Worth Zero”
— The Wall Street Journal, James Mackintosh
“So is a single bitcoin worth $500,000, $5,000, $500 or $0? I’m inclined to say $0, especially if bitcoin’s value depends on it being adopted as a global digital currency to replace dollars. There is no chance whatsoever that bitcoin can displace the dollar, for the simple reason that it is badly designed. Bitcoin can handle a pathetically small number of transactions, and uses an inordinate amount of electricity to do so, making it entirely unsuitable to replace ordinary money.”
Price at death
$4,067
Today
$73,520
Resurrection
×18.1
On 2017-09-18, James Mackintosh (Investment Writer) declared Bitcoin dead via Wall Street Journal. Bitcoin was trading at ~$4,067 at the time. The call joins the growing canon of premature obituaries.
The declaration was catalogued on September 18, 2017, when one Bitcoin traded for approximately $4,067. Since then, Bitcoin has appreciated by 18.1× relative to the price on the day The Wall Street Journal pronounced it finished.