The mainstream media is finally reporting on the recent rally that saw Bitcoin approaching its all-time highBut some commentators seem determined to spread fear, uncertainty, and doubt.
Two articles published within hours of each other, an editorial in the Financial Times entitled “The elusive promise of Bitcoin“and a Fox Business article called”Bitcoin is no match for gold in the coronavirus world“, claim that Bitcoin fails to deliver on its promise as a store of value.
There seems to be a media coordination on fear, uncertainty and doubt directed at #bitcoin Today, 2 articles in the main media. As bitcoin succeeds, expect this fear, uncertainty, and doubt to intensify, far beyond the reports. https://t.co/AuMN04v37Xhttps://t.co/XUFdHS4ldU
— Timothy Peterson (@nsquaredcrypto) November 19, 2020
The Financial Times focused on Bitcoin’s volatility, stating that its “safe haven status is more theoretical than anything else.” The editorial states that “there is no basis on which to base a judgment on the value of Bitcoin. Its current price only reflects what people are willing to spend on it. “
The article wasn’t all bad, pointing out that a major factor in Bitcoin’s recent rise was traditional adoption., indicating that the options on the Chicago Mercantile Exchange and Paypal offer cryptocurrency sales to all residents of the United States. He goes on to say that the price of Bitcoin may continue to rise, due to the “weakening of the dollar” and suggests that it is “because the Federal Reserve has done such a good job meeting the world’s need for dollars that investors are comfortable with Bitcoin,” concluding that:
“If so, crypto advocates have the central bank to thank for its recent successes.”
Fox Business also indicated the rise in Bitcoin prices with apparent alarm, and set out to warn its readers not to invest in the cryptocurrency.a, bringing together Bitcoin haters including gold beetle Peter Schiff, Roubini Macro Associates CEO Nouriel Roubini, and Bridgewater Associates founder Ray Dalio. The news quotes Schiff as saying that it is “nonsense” to think that Bitcoin is better than gold.:
“There is no real use for Bitcoin. All you can do with Bitcoin once you buy it is sell it, but you need someone else to buy it from you. It’s a massive pump and dump. “
Fox quoted Roubini as stating that “cryptocurrencies are the mother or father of all scams and bubbles”, while Dalio also cited past criticism of volatility and a lack of buyer protection.
The article did not mention that both Roubini and Dalio have recently softened their views on Bitcoin.. Last week, Roubini said that the cryptocurrency could be a “partial store of value“Due to his limited supply. Earlier this week, Dalio admitted that”could be missing something“about Bitcoin and that” would love to be corrected “.
However, there was some support for Bitcoin in the media from an unexpected group: China., a country well known for its firm stance on restricting the digital asset. The Chinese state channel CCTV covered the recent price hike on national television this week, saying that Bitcoin’s network, development, and investment ecosystem are further advanced compared to the bull market of 2017.
CCTV, China’s official TV channel: The price of #Bitcoin exceeds $ 17,500, 70% more in less than 50 days. Compared to the bull market of 2017, bitcoin’s network, development, and investment ecosystem are now much better. The recent rise is due to institutional funds. pic.twitter.com/yZqzGU5veM
– cnLedger (@cnLedger) November 18, 2020