Mainstream media outlets are finally reporting on the recent rally that saw Bitcoin creep close to its all-time high — but some commentators appear to be determined to spread FUD.
Two articles released within hours of each other earlier today — a Financial Times editorial titled ‘The elusive promise of Bitcoin,’ and a Fox Business piece called ‘Bitcoin no match for gold in coronavirus world’ — state that Bitcoin does not live up to its promise as a store of value.
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
The Financial Times focused on Bitcoin’s volatility, stating that its “status as a safe haven is more theoretical than anything else.” The editorial claims “there are no fundamentals on which to base a judgment of Bitcoin’s value. Its current price just reflects