As a seasoned analyst with over two decades of experience in the financial industry, I find FT Alphaville’s recent “apology” towards Bitcoiners to be a peculiar move that underscores the disconnect between traditional finance and digital assets. Having witnessed the rapid evolution of technology and its impact on various industries, it is clear that FT Alphaville’s long-standing skepticism towards Bitcoin overlooks the fundamental shift in value transfer and storage that this revolutionary technology represents.
In my role as a researcher, I’d rephrase that as: As a researcher, I’ve observed that FT Alphaville, the Financial Times’ daily news commentary service, has faced criticism following its apology to Bitcoin enthusiasts, after the asset reached $100,000 on December 5th.
The op-ed piece, which appeared on the same day, was perceived as a playful expression of regret towards those who decided not to invest in Bitcoin (BTC) since Financial Times’ initial article on June 6, 2011, when the price of Bitcoin was $15.90.
Bryce Elder, city editor of FT’s Alphaville op-ed section, expressed regret if in the last 14 years, you decided not to purchase something due to our coverage, only for its value to increase later. It’s pleasing when one’s investment or purchase value rises,” said Bryce Elder.
“We’re sorry if you misunderstood our crypto cynicism to be a declaration of support for tradfi, because we hate that too.”
Starting from June 2011, FT Alphaville consistently maintains that Bitcoin operates like a “losing proposition” where resources are wasted excessively when used as a method of transaction, and its reliability as a form of long-term savings is questionable due to its compromised nature.
According to Elder, FT Alphaville considers the value of Bitcoin more like a “hype meter with no real connection to its usefulness.
Elder stressed that FT Alphaville continues to “stand by every single one of those posts.”
The so-called “apology” didn’t go down well with the crypto community.
One commenter on FT Alphaville’s post on X called it a “Cope-Pology,” while another described it as a “faux apology.”
“Imagine being so wrong and still having this lack of humility,” another commented.
Mark Williams contends that Satoshi Nakamoto created a bitcoin supply plan that neglects the ups and downs of economic trends, such as booms and busts.
“It ignores the ebbs and flow of economic cycles – a reckless approach that is the equivalent of a doctor giving penicillin to every patient without first checking whether they are suffering from infection, depression or mania.”
Even though Bitcoin reached $100,000, it continues to face criticism from figures like Warren Buffett of Berkshire Hathaway, Jamie Dimon of JPMorgan, and financial commentator Peter Schiff. These critics previously forecasted that Bitcoin would not surpass $100,000 by November 2019, a prediction that proved incorrect.
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2024-12-06 03:32