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FUD of traditional Bitcoin media
Bitcoin (BTC) has risen 20% over the past 72 hours, pushing cryptocurrency above $ 5,000, and mainstream media seems to be back with the FUD push.
Peter Mallouk, president of Creative Planning, a wealth management company, recently commented on CNBC Make It. He explained that the market is "most likely" to see "crypto-currencies fall apart", from coins like BTC and Litecoin to Ethereum and Ripple's XRP. Mallouk adds that he does not logically see that "even a fraction of them" derive from one way or the other.
The wealth management advisor notes that it is possible for a digital badet to gain ground in the future, but for the moment, bitcoins and other similar badets are not a real investment because they generate no revenue. income and are solely based on speculation. (Of course, he ignores the value proposition of Bitcoin as a digital store of value.) Mallouk goes on to point out that alternatives to cryptocurrency would be real estate, stocks, and bonds, to the extent that they provide rent, dividends and yield, respectively. In other words, "Again, you do not want to own something that is not going to pay you." (Again, this shows its relative lack of knowledge of cryptocurrencies, as there is evidence of participation in some capacity.)
Yes!! Ignore him! ?
The funny thing is that if $ BTC strikes $ 20k, these items will tell the nocoiners to buy.
Some things never change. https://t.co/Xv9UjniydP
– ully (@BullyEsq) April 3, 2019
Just a few hours before CNBC's report, Bloomberg Opinion had published its own article exposing BTC. The author explains that "there is no good reason to be optimistic about crypto", pointing out that the macroeconomic factors mentioned by Tom Lee and Brendan Bernstein are invalid, that they have not been adopted by the majority of Internet users and that there is always bad news about piracy and false volume. , etc., should be worrying investors rather than thrilling them Many on Twitter have openly criticized the article, claiming that there was no logical reason to "ignore" the BTC, a monetary revolution . (At least, Bloomberg has linked one of Ethereum World News pieces)
Crypto is bad
Although the above concerns are somewhat valid, as bitcoin is a new paradigm, often difficult to understand in society, traditional media has always been hilariously false in cryptocurrency. In fact, 99Bitcoins predict that BTC was proclaimed dead by respected publishing houses more than 300 times, many of these reports being published before the staggering rally of 2017. They missed the wave, that's for sure.
After the ramp-up of Tuesday morning, which pushed CTB to exceed key resistance levels and a bullish narration, the journalists tried to postulate what had provoked the race, as they sought to capture viewers with all the methods possible.
CNBC's "Squawk Box" drew attention to an April Day fish joke from another trade publication that served as a catalyst. Of course, that was not the case at all, the article in question having been published 18 hours before the price spike. In the same vein, Gizmodo explained that after rising prices that Bitcoin was not viable, the debate over a monetary badet using electricity is not viable.
Photo by AbsolutVision on Unsplash
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