A well-known entrepreneur and investor predicted the death of bitcoin in 2018.
Let's take a look at bitcoin's returns after this tweet.
When the price of #bitcoin BTC/USD soared to all-time highs, many longtime fans celebrated and sometimes condemned the many naysayers who predicted the death of this major #cryptocurrency .
In 2018, entrepreneur and startup investor Jason Calacanis was among those who said bitcoin would likely go to zero. Here's a look back.
What happened: entrepreneur and investor Calacanis is best known as the host of the popular All In podcast, along with David Sachs, David Friedberg and Chamath Palihapitiya.
Palihapitiya has long favored bitcoin and in 2013 urged him to allocate 1% of his assets to bitcoin, but Calacanis was less receptive.
November 26, 2018, Karakanis tweeted a chart of bitcoin at $3,731, saying the cryptocurrency is likely to go to zero.
Bitcoin zero is still a possibility (60-70%) if you own bitcoins. If you've never been in the game, you're just a sucker.
$3,700.... Ouch, Calacanis wrote on Twitter.
This tweet came after the price of bitcoin, which soared in 2017, plummeted in 2018.
Today, bitcoin is trading near the $90000 mark.
Karakanis recently shared an old tweet in which he again expressed doubt that bitcoin will continue to rise, and also admitted that he or his company owns several #cryptocurrencies .
If bitcoin becomes ubiquitous, Western governments will lose a lot of power. This is a testament to the genius of bitcoin's architecture.
Full disclosure: we own a ton of bitcoins that we bought for $100-$200 and never sold.
In a Nov. 10 tweet, Mr. Karakanis said he believes bitcoin is too big to fail.
However, he noted that there is still less than a 5% chance that bitcoin will fall to zero.
See also: Bitcoin nears $90000 - how high can cryptocurrencies go?
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