“Bitcoin Will Never Reach $20 Again” He Said In 2011, Here’s How Much He’s Lost Now

Yeah, it’s a lot…

On July 9, 2011, this one chump posted to a Bitcoin forum, ‘bitcointalk.org’, saying, “Bitcoin will never reach $20 again. This is why I have liquidated my position in Bitcoins.”

“There is very little upside going forward,” he continues. “No forward moves of late have any traction whatsoever and demand continues to lag. Way too little upside for such a risky proposition so my advice is to move into dollars. Only a significant change in the economy could alter this forecast.”

Bitcoin will never reach $20 again forum post hangover meme — Modern equivalent of “these new-fangled cars will never catch on”

Now the replies at the time debated whether this was just a troll or someone shilling an investment guide but let’s assume he meant it, how much money did this guy lose out on?

You ready for some MATH?!

Here’s What You Could Have Won

So, using the closing price on 9 July 2011: BTC was at $14.38 per coin.

Compare that to the price of Bitcoin at the time of writing, which is a MASSIVE $122,412 per BTC (WTF).

So we can get the missed gain on just one bitcoin by minusing the old price from the current price: $122,412 – $14.38 = $122,397.62!!!

The formula (122,412/14.38 – 1) x 100 gives us the percentage return missed and my god, it’s an eye-watering 851,166%

Damn bro. And you call yourself an economist…

For perspective, that money can get you a house, two used Lambos (or half a new one), 24531 instant Jeju matcha latte packets, 16343 Mimolette cheese slices, 35075 ketchup-flavored lattice potato chips… sorry, I’m in the middle of doing my shopping list.

Obviously, this guy’s got nothing on the all-time bitcoin loser, Laszlo Hanyecz, who a year prior made the very first bitcoin purchase of one cheese pizza with 10,000 BTC. Jesus Christ.

Hanyecz reportedly died at the last ATH from a fatal dose of FOMO.

The moral of the story? Don’t ask me, I’m not making any predictions knowing that someone could easily make fun of me in a decade. That’s the lesson I’ve learned…

For more bitcoin news, read this: Bitcoin Hits Another ATH Again Again