⸺ Obituary · July 13, 2011 ⸺
“Why Bitcoin Will Fail As A Currency”
— The Calculating Investor, calcinv
“Although I think that Bitcoin is ingenious and fascinating in many ways, I don’t believe that it will succeed as a currency. The problem is that a Bitcoin is unlikely to ever be a good store of value (a primary function of any widely accepted currency) because the (eventually) fixed money supply will cause the purchasing power of a Bitcoin to be extremely volatile.”
Price at death
$14
Today
$73,594
Resurrection
×5276
On 2011-07-13, calcinv declared Bitcoin dead via The Calculating Investor. Bitcoin was trading at ~$14 at the time. The call joins the growing canon of premature obituaries.
The declaration was catalogued on July 13, 2011, when one Bitcoin traded for approximately $14. Since then, Bitcoin has appreciated by 5276× relative to the price on the day The Calculating Investor pronounced it finished.