Why Mainstream Media is Going Hot For Bitcoin
Bitcoin’s amazing run of form these past couple of weeks is forcing the crypto skeptics to think again.
Today sees a sell-off to $17.9k at the time of writing. However, with BTC rallying 150% since the start of 2020, many analysts believing it’s just a matter of time before Bitcoin cracks its previous all-time high.
Source: BTCUSDT on TradingView.com
In fact, with the renewed optimism comes a slew of outlandish price predictions. It’s a given that John McAfee’s end of 2020 $1 million valuation likely won’t happen. But Citibank recently came out predicting a $318k Bitcoin price by the end of 2021.
On that, Bitcoin bull Max Keiser spoke about the absurdity of “moon math.” But at the same time, he didn’t discount the possibility of such moon valuations coming true. That’s because, ultimately, he believes there is no ceiling on the price of Bitcoin.
“But none of them are going to capture the ultimate bull market number because remember, bitcoin has no top because fiat money has no bottom.“
And with so much positive sentiment surrounding Bitcoin today, the mainstream media is starting to pay attention to it once more.
But the mainstream media, in general, has always had an uneasy relationship with the cryptocurrency. Is that about the change from here on out?
Mainstream Media Turns Hot on Bitcoin
Data from @TheTIEIO shows mainstream media coverage of Bitcoin began spiking upwards around late September. Incidentally, this was the same time that BTC began slicing through key resistance levels.
Since then, news stories mentioning Bitcoin have struck a year to date high.
Source: @TheTIEIO on Twitter.com
Yahoo Finance recently released an article titled “Bitcoin eyes all-time high after recent bull run,” in which the author included a quote that sums up the macro sentiment. Michael Hewson, the Chief Market Analyst at CMC Markets, a platform known primarily for forex trading, said:
“While a lot of scepticism still surrounds cryptocurrencies, some in the investment community appear to have warmed to them.”
The Guardian, which is typically indifferent when it comes to cryptocurrency, also mentioned Bitcoin’s stellar run of form recently.
Much like Yahoo Finance, the article also included a quote in which an industry expert spoke about changing attitudes towards the number one cryptocurrency. JPMorgan analyst Nikolaos Panigirtzoglou said:
“The virus crisis is propagating the reassessment of bitcoin… There is a reassessment about its value here as an alternative currency; as an alternative to gold.”
And so, it seems as though this fake internet money, used by darknet criminals, is finally beginning to garner fair treatment in mainstream media circles.
You could argue that this wouldn’t be the case without the ongoing panic situation. But wasn’t Bitcoin developed as a solution to crises?
In any case, it’s expected that a softer mainstream media stance will trickle down, resulting in greater acceptance of cryptocurrency in the eyes of the general public.
While we are far from actualizing that state, the process has already begun.