EddieJayonCrypto
7 Dec 24
The Financial Times (FT) issued a controversial "apology" after Bitcoin surpassed $100,000 on December 5, 2024. The apology, published on FT Alphaville, was perceived as a backhanded admission of failure to predict Bitcoin's rise. The article, written by Bryce Elder, framed as an apology, was critic...
The Financial Times (FT) issued a controversial “apology” after Bitcoin breached the $100,000 mark on December 5, 2024. The apology, published on FT Alphaville, the publication’s daily news commentary service, was perceived by many as a backhanded admission of its failure to foresee Bitcoin’s rise. The article, written by Bryce Elder, City Editor of FT Alphaville, was framed as an apology to those who had, for over a decade, taken the publication’s critical stance on Bitcoin at face value and refrained from investing in the asset. Elder's tone and wording made many in the crypto community skeptical. The Financial Times has historically maintained an anti-Bitcoin stance and the recent apology further fueled community backlash. The so-called apology did not sit well with Bitcoin enthusiasts. Many took to criticize the Financial Times for issuing a sarcastic “Cope-Pology” instead of a genuine admission of error. The Financial Times has consistently maintained its anti-Bitcoin stance, further adding to the community backlash. In 2014, the site published a critique of Bitcoin’s creator, Satoshi Nakamoto, likening them to a “reckless” doctor. The article, written by Mark Williams, a former Federal Reserve risk examiner, argued that Bitcoin’s fixed supply failed to account for economic fluctuations. Tags: Bitcoin, Crypto