Readers accused the authors of the Financial Times Alphaville column, which focuses on markets and finance, of cynicism and denial of facts following the publication of their controversial apology to the crypto community.
Hodlers: an apology https://t.co/aDJdYXuCQD
— FT Alphaville (@FTAlphaville) December 5, 2024
From the first paragraph, the journalists revealed their stance on Bitcoin:
“Regular readers of FT Alphaville might have the impression that its current and former authors are united in their skepticism about cryptocurrency in general and Bitcoin in particular. This is true.”
The Alphaville authors criticized the first cryptocurrency “before it became mainstream,” starting with an article in 2011. Since then, they have continued to argue that Bitcoin is a “negative-sum game” on a hypothetically useful protocol, an asset unsuitable for exchange and value preservation.
According to FT Alphaville, the useful qualities of the protocol can be replicated in other ways, so any value comes solely from community hype and its connection to traditional fiat markets, for which Bitcoin was supposed to be an “antidote.”
When Bitcoin surpassed the $100,000 mark, they released a humorous analysis of future price dynamics based on tarot card readings, pointing to the impossibility of assessing the fundamental indicators of digital gold.
The authors did not retract the criticism they have shared over the past 14 years.
“We stand by each of these publications. […] “We are sorry if at any point over the last 14 years you decided not to buy something that appreciated because of our materials,” the article states.
They also emphasized that skepticism towards cryptocurrencies does not imply sympathy for traditional markets:
“And we are sorry if you misunderstood our crypto-cynicism as a declaration of support for TradFi, because we hate that too,” the authors added.
The crypto community reacted to the “caustic” apology.
Renowned cypherpunk and one of the pioneers of the crypto industry, Adam Back, “praised” the authors for choosing the right meme for the cover.
impress. correct accompanying meme for mea culpa, even wrapped in sorry, not sorry.
— Adam Back (@adam3us) December 5, 2024
“Impressive. Appropriate accompanying meme for ‘mea culpa,’ even wrapped in ‘sorry, not sorry’,” he wrote.
One commentator emphasized that the crypto community does not read FT Alphaville at all, so the authors should apologize to their audience, not “hodlers.”
Delusional AF.
Hodlers have never been hurt by your content because they’ve never listened to you.
The Bitcoin community doesn’t think about you at all.
You need to apologize to your subscribers that you’ve dumped tons of shitty takes on.
— HFSP.eth | ₿itcoin Only (@Bitcoin6102) December 5, 2024
Another reader felt that the Alphaville editorial team simply refuses to acknowledge reality.
“[…] Since you are FT, I suspect you are familiar with John Maynard Keynes’ quote ‘When the facts change, I change my mind. What do you do, sir?’ Indeed, what can we know, [author Bryce Elder] is definitely wiser and will not change his views,” he concluded.
On November 5, newly elected US President Donald Trump congratulated the crypto community on reaching $100,000.