The Financial Times apologizes to its readers for lying about Bitcoin over the past 14 years. This mea culpa comes after Bitcoin broke the $100,000 barrier and entered the treasuries of several institutions, and could become part of the strategic reserve of several countries, including the USA.
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We’re sorry, says the Financial Times
The current remarkable performance of Bitcoin (BTC) is changing many people’s perception of this asset. An outspoken critic of Bitcoin, the Financial Times publicly apologized to its readers for its cynicism about Bitcoin over the past 14 years. While the price of Bitcoin topped $100,000, the newspaper admits that its cynicism about Bitcoin has led its readers to miss out on an investment that could have brought them profits.
We’re sorry if, at any time over the past 14 years, you’ve chosen, based on our coverage, not to buy a product that has gone up in value. It’s fine when your amount goes up. And we’re sorry if you’ve interpreted our crypto cynicism as a statement of support for tradfi because we hate it too.
Like many traditional media, the Financial Times has always been a vocal critic of Bitcoin. Since 2011, the newspaper’s publications have presented Bitcoin as a failure as a unit of account, medium of exchange and store of value. Time and again, the Financial Times presented Bitcoin’s price as the result of hype, not an indicator of any utility. This skepticism about Bitcoin led many Financial Times readers to distance themselves from Bitcoin. A huge loss for them, as Bitcoin has been by far the best-performing asset of the decade.
Another “economic expert” disavows himself
The Financial Times is not the only player to have changed its tune with regard to Bitcoin. American economist and journalist Peter Schiff was also challenged by Internet users. November 2019, Schiff said on X that Bitcoin will never reach $100,000. “Keep dreaming,” he mockingly replied to an Internet user making predictions about Bitcoin’s price.
When the price of Bitcoin surpassed $100,000, several Internet users recalled the economist’s words. The former head of Binance CZ lent himself to the game, forcing Peter Schiff to retract his comments. Always a critic of crypto, the economist has asserted on X that Bitcoin broke the $100,000 barrier because it bought politicians and partnered with the US government. This political and state interventionism reflects Bitcoin’s failure as a free market, he believes.
Peter Schiff’s justifications are obviously false. Bitcoin hasn’t bought any politicians and hasn’t associated itself with any governments. Rather, it is politicians who have acquired Bitcoin and promoted its use for the good of their states. In the USA, for example, Trump acquired the crypto including for his election campaign. He also promised to create a strategic Bitcoin reserve.
I dream of a world where every citizen has total control over themselves, including their finances. I believe that Bitcoin is one of the tools that will achieve this revolution. Since 2019, I am learning about this cryptocurrency and spreading the word around.
