⸺ Obituary · December 4, 2017 ⸺
“Bitcoin Is A Dangerous Speculative Bubble”
Stephen Roach
“With the price of bitcoin moving toward $12,000, a top economist on Tuesday sent a stark warning to investors: The cryptocurrency is in a “dangerous speculative bubble.” Roach suggested that exchange legitimization makes bitcoin “somewhat dangerous” for investors, given what he described as a “lack of intrinsic underlying economic value to the concept.””
Price at death
$11,617
Today
$62,500
Resurrection
×5.4
On 2017-12-04, Stephen Roach (Economist) declared Bitcoin dead via CNBC. Bitcoin was trading at ~$11,617 at the time. The call joins the growing canon of premature obituaries.
The declaration was catalogued on December 4, 2017, when one Bitcoin traded for approximately $11,617. Since then, Bitcoin has appreciated by 5.4× relative to the price on the day CNBC pronounced it finished.
