⸺ Obituary · November 15, 2011 ⸺
“The Rise And Fall Of Bitcoin”
“Beyond the most hardcore users, skepticism has only increased. Nobel Prize-winning economist Paul Krugman wrote that the currency’s tendency to fluctuate has encouraged hoarding. Stefan Brands, a former ecash consultant and digital currency pioneer, calls bitcoin “clever” and is loath to bash it but believes it’s fundamentally structured like “a pyramid scheme” that rewards early adopters.”
Price at death
$2.33
Today
$61,577
Resurrection
×26,428
On 2011-11-15, Wired declared Bitcoin dead. Bitcoin was trading at ~$2 at the time. The call joins the growing canon of premature obituaries.
The declaration was catalogued on November 15, 2011, when one Bitcoin traded for approximately $2.33. Since then, Bitcoin has appreciated by 26428× relative to the price on the day Wired pronounced it finished.