I recently stumbled upon a funny little site called Bitcoin Obituaries. The site will post an article whenever a publication decides to declare Bitcoin is done for. According to the site, Bitcoin has died 212 times. Along with each article, the site owner includes the price of Bitcoin when the article was written.
The first page of articles are all written in 2017, so the really good ones don’t start until you get back a year or two. Even then, you can find this article by the Telegraph claiming the Bitcoin bubble will burst from only one month ago, when Bitcoin was half the price it is today.
The vast majority of these are written right after a strong pullback in the crypto-currency, but as it has gone repeatedly in the past, Bitcoin will take 10 steps forward and then 6 steps back. Some of these are bold enough to be titled “The Exact Date for Bitcoin’s Final Crash to $0.00” written when the coin was $579 (29x less than it is today). The author of that goes far enough to say, “I pity the fool who didn’t listen… Ever since May 2013, I’ve been warning against investing in the wannabe currency, Bitcoin. I called it nothing more than an ‘insidious currency scam.'” Business Insider was even bold enough to say “Bitcoin will Crash to $10 by Mid-2014“, when the coin was $887.63 and were nice enough to include the graph to accompany it:
As you can tell, these aren’t small publications either. We already mentioned articles by Business Insider and The Telegraph, but Bloomberg claimed Bears “Told-You-So” when Bitcoin was $346, CNN asked “Where did Bitcoin go Wrong?” when it was $333 per coin, Yahoo Finance stated “This could be the end of the Bitcoin era” when it was $480, and Salon has quite a few articles, some going as far as to state “Sorry, libertarians: Your dream of a Bitcoin paradise is officially dead and gone” when it was $638.
The absolute best articles come from scrolling to the final page on Bitcoin Obituaries. One of the most well-respected finance websites in the world, Forbes, wrote: “So, That’s the End of Bitcoin Then” when the cryptocurrency was only $15.15. And this was only in 2011. So this means if you ignored Forbes advice, and invested $1,000 in Bitcoin when this article was written, you would literally have $1,187,750 in your account. That is a 1,187x return on your money.
And finally, while the article isn’t as harsh on the cryptocurrency, the most ironic article of all is aptly titled “The Rise and Fall of Bitcoin” by Wired, when the coin hit $2.37. A $1,000 investment in Bitcoin when this article was written on November 23rd, 2011, would net you $7,592,800 in just over 6 years. You would be set for life with a $1,000 investment when Wired proclaimed the fall of Bitcoin.
I am actually excited now for the next 20% pullback in the coin, since I can only imagine the “Bitcoin Bubble” articles that will be coming out, and I am sure that Bitcoin Obituaries will follow it the entire way.