It basically only took a day for the Bitcoin bashers to come forth from their caves and start rolling out fear, uncertainty and doubt again. After 4 months of inactivity crypto markets came alive once more this week and headed upwards to reach new 2019 highs. This sufficed it seems to be for the regular media dogs to start off spewing their hatefulness on crypto assets afresh.
FUD Means They’re Paying Attention
As soon as markets are on the floor and very little is happening, mainstream media tends to remain quiet. The evidence that the outrageous headlines are appearing again means that they’re paying attention at least and crypto is back in people’s minds. CNBC, which has been already noted for its entirely inaccurate predictions on market movements, was back with a headline alleging that cryptocurrencies will all conk out because one fund manager believes so. According to Peter Mallouk, president of wealth management firm Creative Planning;
“What we’re going to see, most likely, is, we’re going to see cryptocurrencies collapse … there’s no way that even a fraction of them can survive,” before adding that buying crypto “you get no income. It’s not a real investment. It’s speculation.”
What he falls short to accept is that all investment options are speculative; when you purchase you are speculating that the price will be higher when you sell, whether or not it be a property, stock, or commodity. Crypto is no different and Bitcoin, until it is applied daily for its planned purpose as decentralized money, will stay speculative. Those people of a similar ilk for example, CNBC’s Jim Cramer called Bitcoin monopoly money back in 2017.
As NewsBTC’s Joseph Young mentioned, the scene has been reminiscent of the headlines spouted during the 2017 bull run.
Even the headlines are back to 2017 crypto bull market https://t.co/uvszVudQli
— Joseph Young (@iamjosephyoung) April 3, 2019
Fake Money, Fraud, Scam … Heard it All Before
Entertainment website Gizmodo went one better with a vitriolic rant the moment after Bitcoin broke resistance;
“To be clear, Bitcoin is absolutely worthless by any real measure. It’s fake money that’s about as practical to use in the real world as Monopoly bills … Bitcoin is little more than a speculator’s death cult at this point.”
The FUD did not quit there, even Bloomberg, which has been somewhat balanced when it comes to the industry, jumped on the bandwagon of loathing as FUD headlines get traffic. Mocking the euphoria that many in the crypto world have been sharing recently, the article said “But have no fear of missing out: Whatever the explanation, there’s no good reason to turn bullish on crypto.”
Their dismissal is our opportunity$BTC https://t.co/w1C5LVVQmH
— Anil Lulla (@anildelphi) April 3, 2019
It added in that there has been no good news for crypto recently and the majority of it has been bad, emphasizing the recent exchange hacks. One wonders if Bloomberg would take the exact same stance on fiat currencies when major banks get captured laundering money.
The piece brought in that Bitcoin was a little market compared to forex with trading volumes of $5 trillion per day. Highly true, so this on its own should act as a testament to the possibility of digital currencies which the mainstream media still looks very afraid of.
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