“Who let the fools out? The only plausible explanation was an article written as an April Fool’s joke reporting that the SEC had held an emergency meeting over the weekend and voted to approve two bitcoin-based exchange traded funds (ETFs). For true fools, it hardly mattered what sparked the rally. As long as prices are going up, fools will buy in hopes of selling to greater fools. At some point, the supply of greater fools will dry up and bitcoin’s second bubble will end just like the first.”
Gary Smith, Professor, Pomona College · Bitcoin since: +640%
As published by MarketWatch
A little perspective.
Bitcoin on that day$10,842July 15, 2019
$100 at that price$739.88At our latest price check
Illustrative value using a Bitcoin price of $80,221, checked Oct 29, 2026, 2:09 PM UTC. Excludes fees, taxes, and inflation. A price change alone does not settle the original criticism.
Gary Smith appears in 2 recorded obituaries. 40 declarations were recorded in 2019.
Keep the receipt.
Bitcoin Is Dead. “Bitcoin Buyers Are Only Fooling Themselves Again” — Gary Smith, MarketWatch, July 15, 2019. Bitcoin: $10,842.45. https://bitcoindeaths.com/posts/2019-07-15-bitcoin-buyers-are-only-fooling-themselves-again