An on-chain analyst says he might have found the oldest Bitcoin (CRYPTO: BTC) bear ever.
What Happened: Matthew Hyland, who carries out cryptocurrency technical analysis, tweeted a screenshot from Bitcointalk.org, a Bitcoin forum.
The screenshot, dating back to Oct. 22, 2011, features a post by “Proudhon,” who wrote that day “we’re not going to make it beyond $3. Go ahead, watch.”
I think I might have found the first ever #Bitcoin Bear pic.twitter.com/CePY2I1swW
— Matthew Hyland (@MatthewHyland_) February 16, 2022
Proudhon remains active to this day and has a new signature for his current posts which reads, “The price of bitcoin can never be sustained over $50k.”
Proudhon has obviously been proven wrong on at least the $3 prediction as Bitcoin is trading at $43,056.25 at the time of writing.
See Also: How To Buy Bitcoin (BTC)
Why It Matters: Bitcoin was created by a pseudonymous person who called themselves Satoshi Nakamoto, with the first transaction on the network taking place on Jan. 3, 2009.
Taking into consideration the date of his post, Proudhon may well have been one of the earliest cryptocurrency bears.
Hyland shared a response to Proudhon by ShapeShift founder Erik Voorhees, who simply said “Fail.”
Great response from @ErikVoorhees back in 2011: pic.twitter.com/8SiayKED27
— Matthew Hyland (@MatthewHyland_) February 16, 2022
Hyland speculated on Twitter that perhaps Proudhon was the gold bug and notable Bitcoin bear Peter Schiff.
Maybe its @PeterSchiff
— Matthew Hyland (@MatthewHyland_) February 16, 2022
It remains to be seen if Proudhon’s prediction that the price of BTC can never be sustained above $50,000 comes true. The apex coin touched an all-time high of $68,789.63 in November.
