Global media criticise Bitcoin as its price rises

Renowned media outlets turned their attention to Bitcoin as its price rose. However, some focused on spreading FUD.

The Financial Times and Fox Business, whose pieces appeared within hours of each other, shared one thesis: Bitcoin does not justify its status as a store of value.

In the editorial “The Elusive Promise of Bitcoin,” the Financial Times calls such a status theoretical.

The Fox Business published a piece titled “Bitcoin Does Not Compare to Gold in a Pandemic-Stricken World,” which warned readers away from investing in cryptocurrency.

The authors cited several opponents of the digital asset, including financial expert Peter Schiff. Earlier called it the biggest bubble in history.

The publication also noted economist Nouriel Roubini, known for his hardline stance on Bitcoin, and billionaire Ray Dalio. Last week the latter stated doubts about Bitcoin’s prospects. However on November 18 he acknowledged that he could have been mistaken.

Timothy Peterson, a manager at Cane Island Alternative Advisors, drew attention to the reaction from mainstream media.

There appears to be coordinated media FUD aimed at #bitcoin today — 2 articles in major media. As bitcoin succeeds, expect this FUD to intensify, well beyond reporting.https://t.co/AuMN04v37Xhttps://t.co/XUFdHS4ldU

— Timothy Peterson (@nsquaredcrypto) November 19, 2020

“Expect that as Bitcoin achieves success, this FUD will intensify,” Peterson noted.

Bitcoin’s price surpassed the $18,000 mark on the night of November 18. Against this backdrop, the asset’s market capitalization reached an all-time high.

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