Financial Times journalists publicly apologized for their skepticism towards Bitcoin, whose price surpassed $100,000 for the first time. An article written by the newspaper’s correspondent, Bryce Elder, was published on the FT Alphaville blog, dedicated to investments.
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According to Elder, FT Alphaville editors have previously stated that the price of Bitcoin “is an arbitrary hype indicator unrelated to any real utility of the token” and that the cryptocurrency’s underlying protocol is “chronically ineffective as a traditional medium of exchange and inadequate as a store of value.” “.
Additionally, the blog could suggest that Bitcoin’s value “is driven solely by infrastructure costs and other intangible factors, including regulatory approval and connections to the underlying financial systems that the cryptocurrency was intended to replace,” Elder added.
He highlighted that FT Alphaville editors “subscribe to each of these publications.”
At the same time, the journalist apologized to readers who decided not to buy Bitcoin due to the FT’s skepticism. “We regret if at any time in the last 14 years you did not purchase an asset whose value appreciated due to our publications. When the price goes up, it’s good,” Elder said. He also urged readers not to confuse skepticism about cryptocurrencies with support for traditional financial systems, which FT Alphaville “also doesn’t like.”
On Thursday, November 5, the price of Bitcoin for the first time since the creation of the token surpassed the psychological mark of 100 thousand dollars. At the high of the last 24 hours, the cryptocurrency cost 103.7 thousand dollars.
This follows news that US President-elect Donald Trump has announced his intention to appoint Paul Atkins as Chairman of the Securities and Exchange Commission (SEC). This position is currently held by Gary Gensler, known for his skepticism towards the crypto industry. On November 21, he announced that he would resign from the commission on January 20, 2025. Trump’s inauguration is scheduled for the same day.
Author:
Timur Batyrov
Source: RB
I am a professional journalist and content creator with extensive experience writing for news websites. I currently work as an author at Gadget Onus, where I specialize in covering hot news topics. My written pieces have been published on some of the biggest media outlets around the world, including The Guardian and BBC News.
