The Financial Times (FT), known for its skeptical stance towards cryptocurrencies, recently issued a controversial “apology” to Bitcoin supporters after years of criticism.
The ironic comment, published by FT Alphaville, came as the price of Bitcoin hit an all-time high of $100,000 on December 5, marking a pivotal moment for the cryptocurrency.
FT Alphaville, a financial commentary blog of the Financial Times, has been openly critical of Bitcoin since its coverage began in June 2011, when Bitcoin was trading at $15.90. Over the years, the blog has consistently dismissed Bitcoin as a “negative-sum game” and criticized its usefulness, describing its price as an “arbitrary hype gauge” disconnected from fundamental value.
In the latest editorial, Alphaville editor Bryce Elder offered a sarcastic acknowledgment to readers who might have missed Bitcoin’s meteoric rise due to the FT’s critical coverage. “We are sorry if at any time over the past 14 years you have chosen, based on our coverage, not to purchase an item that has increased in number,” Elder wrote.
However, the blog made it clear that it stands by its negative assessments of Bitcoin, reiterating that its comment was also never intended as an endorsement of traditional finance.
Response from the crypto community
The reaction from the cryptocurrency community was swift and polarized. Many Bitcoin enthusiasts criticized the editorial as insincere, calling it a “false apology” and “copology.” Some commentators have accused FT Alphaville of lacking humility despite being wrong about Bitcoin’s trajectory. “Imagine being so wrong and still having this lack of humility,” one social media user remarked.
Warren Buffett, Jamie Dimon and Peter Schiff are among those who have expressed concerns about the long-term viability of Bitcoin despite the $100,000 Milestone. These views support FT Alphaville’s claims that Bitcoin remains a compromised store of value and an inadequate medium of exchange.
While its supporters hail Bitcoin as a revolutionary digital asset, critics say enthusiasm and speculation are the main factors influencing its value. FT Alphaville’s continued criticism reflects broader concerns about Bitcoin’s scalability, energy consumption and volatility.
In one notable criticism, a former US Federal Reserve risk examiner likened Bitcoin’s fixed supply schedule to a “reckless” prescription for business cycles, likening its rigid design to “a doctor giving penicillin every patient without first checking their condition.
Bitcoin Bullish Momentum Targets $110,000 Amid Institutional Support and ETF Inflows
Bitcoin (BTC) Price Chart. Source: Brave new piece
Institutional use and increase Bitcoin ETFs Flows are the driving forces that helped Bitcoin surpass $100,000. Technically, Bitcoin has set strong support at $95,000, while resistance is near $105,000.
Bitcoin is trending upward, remaining above the 21, 50, and 200-day SMAs. The Relative Strength Index is also near the overbought zone and could see a minor retracement. On the other hand, strong buying pressure pushes the price up; after maintaining this positive sentiment, analysts expect the next target to be $110,000.
The essentials
FT Alphaville’s tongue-in-cheek “apology” highlights the ongoing schism between cryptocurrency supporters and skeptics. While Bitcoin advocates revel in its historical price milestone, critics continue to express doubts about its long-term viability. This opinion article recalls the heated debates linked to the position of Bitcoin in the global financial framework.