YEREVAN (CoinChapter.com) — Subscribers of the Financial Times have expressed frustration over its consistent negative crypto coverage spanning 14 years. The dissatisfaction reached new levels when Bitcoin recently hit $100,000, a significant milestone in the cryptocurrency market.
The FT Alphaville section has long criticized Bitcoin, describing it as inefficient and speculative. Posts from as far back as 2011 labeled Bitcoin a “negative-sum game,” questioning its utility as a store of value and a medium of exchange. Subscribers argue the publication has consistently dismissed the cryptocurrency’s potential.
Sarcastic Apology Adds to Subscribers’ Discontent
In response to mounting criticism, the Financial Times published an article titled “Hodlers: An Apology” to address the backlash. As a result, the piece sarcastically offered an apology to readers, acknowledging that some may have made investment decisions influenced by its skeptical coverage of Bitcoin. Specifically, it stated,
“We’re sorry if at any moment in the past 14 years you chose based on our coverage not to buy a thing whose number has gone up.”
Subscribers reacted strongly to the tone, viewing it as dismissive. One commenter, Cottesloe, noted that Bitcoin shares similarities with gold, arguing,
“Human attribution of value to gold is what gives it value, and it is the same for Bitcoin.”
Many readers criticized the lack of objective cryptocurrency reporting.
One commenter, “A,” sparked a thread by remarking,
“Bitcoin has a strong use case for money laundering and criminal activities, apart from that shady part it remains a big POS.”
Another commenter, “Google Reader 4 Lyfe,” joined the fun by adding,
“You know what else has a strong use case for money laundering and criminal activities? The U.S. dollar.”
Bitcoin Milestone Sparks Fresh Debate
Bitcoin’s price reaching $100,000 reignited discussions about its valuation. Analysts have debated various methods to assess its worth, including the Stock-to-Flow model, Metcalfe’s Law, and the Cost of Production approach. However, the FT used humor to address this milestone, incorporating tarot card readings to symbolize Bitcoin’s past, present, and future.
The “Knight of Pentacles” card, interpreted as representing “solid progress” and “routine,” hinted at Bitcoin’s potential institutionalization.
The Legacy of Financial Media and Crypto
The Financial Times is not alone in its critical stance on Bitcoin and cryptocurrency. Traditional financial media outlets have often maintained a critical stance toward Bitcoin and cryptocurrencies. For instance, The Wall Street Journal has described Bitcoin as a speculative asset with limited practical use, highlighting its volatility and association with illicit activities.
Similarly, in 2022, JPMorgan Chase CEO Jamie Dimon referred to Bitcoin as a “hyped-up fraud,” expressing skepticism about its legitimacy.
Additionally, CNBC has frequently questioned Bitcoin, emphasizing concerns over its regulatory status and potential for fraud. These perspectives also reflect a broader skepticism within established financial journalism regarding the integration of digital assets into the traditional financial system.
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