"JPMorgan's Top Quant Strategist, Echoing CEO, Compares Bitcoin To Pyramid Scheme"
BTC_AT_TIME $3,687
Published in CNBC on 2017-09-15, "JPMorgan's Top Quant Strategist, Echoing CEO, Compares Bitcoin To Pyramid Scheme" declared Bitcoin dead or fundamentally doomed. The piece characterised Bitcoin as a fraudulent scheme with no underlying value, arguing it would inevitably collapse once new buyers dried up. Bitcoin was trading at $3,687 at the time of publication. Bitcoin was in the midst of an extraordinary bull run, rising from $1,000 to nearly $20,000 by December.