“Bitcoin’s recent 25% plunge illustrates why it will never be a true currency… The fact that Bitcoin has no intrinsic value (the way a stock or bond does) doesn’t mean it’s headed to zero. It just means that Bitcoin has become totally untethered from its original purpose. What was supposed to be a way to revolutionize people’s everyday financial lives is now mostly a way for people to get rich quick (or lose their shirts) or, in an ideal scenario, for people to protect their wealth against inflation. Bitcoin began as a cryptocurrency. It has ended as a cryptoasset.”
James Surowiecki, Journalist · Bitcoin since: +137%
As published by Medium
A little perspective.
Bitcoin on that day$34,060January 12, 2021
$100 at that price$237.49At our latest price check
Illustrative value using a Bitcoin price of $80,888, checked Oct 29, 2026, 7:38 PM UTC. Excludes fees, taxes, and inflation. A price change alone does not settle the original criticism.
James Surowiecki appears in 2 recorded obituaries. 39 declarations were recorded in 2021.
Keep the receipt.
Bitcoin Is Dead. “The Bitcoin Dream Is Dead” — James Surowiecki, Medium, January 12, 2021. Bitcoin: $34,059.91. https://bitcoindeaths.com/posts/2021-01-12-the-bitcoin-dream-is-dead