“Bitcoin also fails to meet the criteria of a currency. Its the price movements are too volatile to be a unit of account. The transaction capacity of the Blockchain is too limited for it to be a medium of exchange. Nor does it appear to be a good store of value. Since it produces no income, has limited scarcity value, and few people are willing to use Bitcoin as currency, it is even possible that Bitcoin has no intrinsic value.”
Lee Smales, Professor, University of Western Australia · Bitcoin since: +2,230%
As published by The Conversation
A little perspective.
Bitcoin on that day$3,447December 10, 2018
$100 at that price$2,330At our latest price check
Illustrative value using a Bitcoin price of $80,335, checked Oct 29, 2026, 5:44 AM UTC. Excludes fees, taxes, and inflation. A price change alone does not settle the original criticism.
Keep the receipt.
Bitcoin Is Dead. “How Low Will Bitcoin Now Go?” — Lee Smales, The Conversation, December 10, 2018. Bitcoin: $3,447.35. https://bitcoindeaths.com/posts/2018-12-10-how-low-will-bitcoin-now-go