The mainstream media has finally reported on a recent meeting that has brought Bitcoin closer to record levels, but some commentators seem determined to replace RD&D.

Two articles were published today at intervals of several hours – an editorial in the Financial Times entitled “Bitcoin’s Elusive Promise” and a Fox Business article entitled “Bitcoin does not match gold in the Coronavirus world”, which says that Bitcoin falls below expectations . the lifting level as a store of value.

The Financial Times focused on Bitcoin’s volatility, saying that “asylum status is more theoretical than anything else.” The editors claim that “there is no reason to judge the value of Bitcoin. The current price only reflects what people are willing to spend it on. ”

Not everything was bad, noting that one of the key factors behind Bitcoin’s recent rise was widespread adoption, noting options on the Chicago Mercantile Exchange and PayPal that offer cryptocurrency sales to all US citizens. He goes on to say that the price of bitcoin may continue to rise due to the “weak dollar” and notes that “because the Federal Reserve did a good job of meeting the world’s dollar needs, which made investors feel comfortable investing in bitcoin. ” , and came to:

“In that case, proponents of cryptocurrency should thank the central bank for the recent successes.”
Fox Business also clearly warned about the rise in bitcoin prices and began warning readers against investing in cryptocurrency by gathering bitcoin haters, including Peter Schiff, CEO of Roubini Macro Associates, Nouriel Rubini and Bridgewater Associates founder Ray Dalio. … The article quotes Schiff as saying that it would be “nonsense” to think that Bitcoin is better than gold:

“Bitcoin is not used for real. All you can do with Bitcoin after you buy it is sell it, but you need someone else to buy it from you. It’s a huge pump. ”
Fox cited Roubini as “cryptocurrency is the father or mother of all scams and bubbles,” while Dalio’s previous criticisms of volatility and lack of buyer protection were also mentioned.

The article did not mention that both Roubini and Dalio recently changed their views on Bitcoin. Roubini said last week that cryptocurrency could be a “partial store of value” due to limited access. Dalio admitted earlier this week that he “may be missing something” about Bitcoin and “wants to fix it.”

However, some of the media support for Bitcoin came from an unexpected side – China, a country known for its tough stance on limiting digital assets. China’s state-owned media channel CCTV covered the latest price increase on national television this week, saying that the Bitcoin network and the development and investment system are more advanced than the bull market in 2017.

Source: CoinTelegraph

LEAVE A REPLY