Don’t Buy Bitcoin! – Warns the Media as BTC Price Rises (Again)
It’s still premature to declare that bitcoin price is headed for another parabolic bull-run. But one might want to take the duplicating “Don’t buy bitcoin” message from the mainstream publishers with a very large pinch of salt.
As the bitcoin price seems to be trying to shake off the bearish market, headlines from the media are beginning to look like those in late 2017. Yes, prior to the BTC price skyrocketed to its record heights of almost $20,000 USD.
“Don’t buy bitcoin, warns wealth manager” reads an April 4th headline from CNBC.
The issue, though, is that it’s nearly verbatim from November 13, 2017, when CNBC stated that “As bitcoin soars and ICOs spread out, advisors advise care.” The price, obviously, doubled a month later.
In truth, 2017 was especially worthwhile when it came to telling the public that: Bitcoin Bad!
German central bank’s board member Carl-Ludwig Thiele, for example, cautioned versus buying the cryptocurrency in May 2017. Pretty much every bank in the world has warned against Bitcoin at some time or other. And the majority of these indeed accepted their spotlight in the papers.
Had you checked out the Economic Times in October 2017, for instance, when bitcoin was approximately $4,000, you would have found out the “7 Reasons not to purchase bitcoin, cryptocurrencies.” Obviously, the 500 percent gain in price afterwards would have eluded you.
However, maybe you would have quit and panic purchased at $19,000. Well, that would have been your fault then. It was a bubble after all. Didn’t you check out the papers?
Mainstream Media Does Not Give A Flying Fig
The reality is that the traditional press does not care if you make or lose money. Neither does anybody else for that matter. It’s everything about clicks and ad income. And what’s better than alternating in between worry and greed to get clicks? Why not both? That’s so much better!
Bet on the price of bitcoin with cash on this controlled platform whose moms and dads (corporate) business advertises in the exact same paper that says it’s much better to simply bet on the bitcoin price.
Forbes described the “6 reasons that Bitcoin futures are much better than bitcoin” in December 2017. Three days later, however, they also told you to “completely disregard” the 1,400 percent bitcoin price rally.
The point here is simply this: it’s all noise.
You will discover really little about Bitcoin itself checking out the mainstream newspapers. Most headlines are algorithm-based and may too be composed by robots.
However, simply pointing to the bitcoin price (since it’s trending) to stimulate worry and/or greed and state “Look!” works. Which’s why journalism keeps doing it.
Differentiating the signal from the noise, however, is much more difficult than just glancing over some headlines and seeming like you discovered something.
Do Your Own Research (DYOR)
It’s only possible if one does their research study (DYOR). It needs time. But it’s the only way to ensure you’re making more educated choices than reading clickbait. More significantly, the decisions will be yours. It also beats FOMO’ing into the current virtual coin or living in ignorance and then with remorse.
Sadly, the fear, uncertainty, and doubt (FUD) have been reworked, repeated and resounded for the past years since Bitcoin first launched. In journalism, Bitcoin was a bubble in 2011. It was a bubble in 2017. And it’s still a bubble now.
However, if it’s constantly ready to pop, if it’s just a fad, and ‘not money’, why commit a lot of effort and time to reject it?
The ‘Oracle of Omaha’
Interestingly, a few of the most noteworthy publications are directly named after (fiat) billionaires. It might also be no coincidence that Academia, Bill Gates, Warren Buffet, entities who greatly benefit from the status quo and have a significant influence on public opinion, are also really anti-Bitcoin.
Amusingly, many people who held bitcoin prior to 2017 have actually outshined the ‘Oracle of Omaha’ even after the crash. Bitcoin has actually even beaten stocks like Amazon (AMZN) in the past 7 years. But you will not know this reading the Washington Post, which is owned by the exact same guy by the way.
Is it actually a surprise that traditional financial institutions, Wall Street, banks, and so on are throwing so much shade at Bitcoin?
Most likely not. Which is why it may be worth learning what Bitcoin is, why it was conceived and what could take place if the $243 trillion USD worth of global debt is foreshadowing yet another monetary crisis
It may then end up being clear why the CME chairman, for instance, is so anti-bitcoin. Perhaps you’ll even wind up getting some … you know, simply in case the bubble re-inflates.
Do you trust the mainstream media’s reporting on Bitcoin? Share your viewpoints below!