Financial Times Acknowledges Bitcoin’s Surge
Recently, FT Alphaville, a part of the Financial Times, delivered a rather ironic salute to Bitcoin advocates as the cryptocurrency skyrocketed to $100,000 on December 5. This commentary, penned by city editor Bryce Elder, came wrapped in a tone that felt slightly disingenuous. Despite acknowledging the cryptocurrency’s impressive rise, Elder asserted that the publication stands firmly behind its earlier critical perspective on Bitcoin.
Continued Skepticism from Financial Times
On the very day Bitcoin hit this remarkable milestone, the commentary seemed to poke fun at those who hesitated to invest in the digital currency since the Financial Times first brought it to light on June 6, 2011, when it was merely worth $15.90. Elder expressed a kind of regret about any impact their reporting might have had on reader decisions over the past 14 years. While he recognized the excitement that comes with Bitcoin’s soaring value, he still clung to the publication’s long-held skepticism regarding the currency’s true worth.
Reactions from Bitcoin Advocates
Throughout its history, FT Alphaville has branded Bitcoin as a “negative-sum game,” emphasizing its inefficiencies as a medium for transactions and its dubious effectiveness as a store of value. Elder reiterated this viewpoint, proving that despite the recent price surge, the Financial Times remains unconvinced about Bitcoin’s future.
Bitcoin enthusiasts were not thrilled by this so-called acknowledgment. In truth, FT Alphaville’s contributors have tackled various angles on Bitcoin, even diving into the mystery surrounding its creator, Satoshi Nakamoto. Yet, even in light of Bitcoin’s ascent to $100,000, many critics persist, maintaining their prior predictions that the cryptocurrency would never reach such heights.
Source: Cointelegraph
