Bitcoin vs Mainstream Media

There is an ongoing fight between those that are on the side of Bitcoin and those against it. Usually the ones against it are the mainstream media as they report on Bitcoin in one of two ways:

  1. The phenomena of Bitcoin
  2. Why Bitcoin is bad and it is a scam

Sometimes there are positive stories about Bitcoin and blockchain technology but for the most part these articles are trying to comprehend how a cryptocurrency has skyrocketed to such a high value and wondering when the bubble will burst.

For the record, learning how Bitcoin works and about blockchain technology isn't something that most people read and comprehend in 20 minutes or less. That said, in the past few years, journalists to financial experts to world renowned investors have made statements about how Bitcoin is a bubble waiting to burst.

In my last post about an article written in The Globe and Mail, I critiqued the author's article and their lack of knowledge written on the topic. However this article is written from what most people would consider as a respectable Canadian newspaper. Despite the feedback on the flaws in the article, the author is now writing it off as mansplaining.

Back to the topic at hand regarding when the media talks about Bitcoin, it is a cycle that is still continuing to repeat despite the growing attendance of cryptocurrency and blockchain focused conferences. The truth is these experts haven't taken the time to study how it works. That said it doesn't mean cryptocurrencies are immune to failure or a crash but it helps to understand the ways in which these situations could happen.

When will the Bitcoin bubble burst?

Everyone that doesn't have Bitcoin is happy to hate and they want it all to burst. The thing is that Bitcoin is almost 10 years old and if it was indeed a bubble, why hasn't it burst yet?

CNBC's documentary on Bitcoin called Bitcoin: Boom or Bust

This recent documentary is getting a lot of criticism on their documentary. You can see the trailer here

and you can see what people have to say here

Some more comments, HODL is not an acronym. The show is heavily criticized for interviewing Crypto Kid as a poor choice of character but it does fit the narrative of that people want to believe that people with Bitcoin are total freaks and nomads.

Touching on their trailer too, they highlight how in difficult it is to send money to others from a guy in South Africa. They use one country that doesn't have a lot of M-Pesa users to cite a problem of money transfer.

You can read more on M-Pesa's issues getting mainstream adoption in South Africa which you can read the history of that here

https://en.wikipedia.org/wiki/M-Pesa#South_Africa

Although there will continue to be more documentaries and articles made in similar fashion that paint cryptocurrencies and blockchain technology in a negative light, it will take time for people to be proven wrong about their statements. A single cryptocurrency can crash whether it is Bitcoin or something else. There will at least be the legacy left of blockchain technology and this is what is shaping the future.

They said it

Warren Buffett on Bitcoin, did say that cheques and wire transfers are useful, wow.

Mark Cuban has called Bitcoin a bubble many times in the past, now he is a big investor in the blockchain space.

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