‘Coordinated media FUD’ on Bitcoin from the Financial Times to Fox Business

November 19, 2020 Coin Payment

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Mainstream media is finally reporting on the recent rally that saw Bitcoin approach its all-time high, but some commentators seem determined to spread FUD.

Two articles published today within hours of each other: a Financial Times editorial titled “Bitcoin’s Elusive Promise” and a Fox Business piece called “ Bitcoin cannot compete with gold in the coronavirus world ” – claims that Bitcoin does not live up to its promise as a store of value.

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 are no fundamentals 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 piece was not entirely negative, noting that a major factor in Bitcoin’s recent rise has been mainstream adoption, noting options on the Chicago Mercantile Exchange and Paypal offering cryptocurrency sales to all U.S. residents. 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 satisfying the global need for dollars that investors feel comfortable with. in taking a punt on Bitcoin “, concluding that:

“If so, cryptocurrency advocates need to thank the central bank for their recent successes.”

Fox Business also noted the rise in Bitcoin prices with apparent alarm and began warning its readers against investing in cryptocurrency by rallying Bitcoin haters including gold bug Peter Schiff, CEO of Roubini Macro. Associates Nouriel Roubini and Bridgewater Associates founder Ray Dalio. The piece quotes Schiff as saying 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 huge pump-and-dump. “

Fox quoted Roubini as saying “cryptography is the mother or father of all scams and bubbles,” while Dalio’s past criticisms of volatility and lack of buyer protection were also cited.

The article did not mention that both Roubini and Dalio have recently softened their views towards Bitcoin. Last week, Roubini said the cryptocurrency could be a “partial store of value” due to its limited supply. Earlier this week, Dalio admitted that “something might be missing” on Bitcoin and that “I’d like to be corrected”.

However, there has been some support for Bitcoin in the media from an unexpected quarter: China, a country well known for its firm stance that restricts the digital asset. China’s state-owned media channel CCTV covered up the recent price hike on domestic TV this week, saying Bitcoin’s network, development and investment ecosystem are more advanced than the 2017 bull market.