"Bitcoin Is Useless As A Payment Mechanism And Ridiculous As A Store Of Value"
BTC_AT_TIME $6,270
Published in CNBC on 2018-08-15, "Bitcoin Is Useless As A Payment Mechanism And Ridiculous As A Store Of Value" declared Bitcoin dead or fundamentally doomed. The piece argued that Bitcoin failed as a functional currency due to extreme price volatility, slow transaction speeds, and limited merchant acceptance. Bitcoin was trading at $6,270 at the time of publication. Bitcoin crashed more than 80% from its late 2017 peak, with critics pointing to the burst of the speculative bubble.