By CCN: Didn’t the “60 Minutes” segment on bitcoin teach the mainstream media anything? New York Post columnist John Crudele is railing against cryptocurrencies. More specifically, he’s rehashing an outdated argument in an article entitled: “Bitcoin Will Soon Be Worth Zero.” His reason for sounding the alarm is simple:
“Last Thursday night bitcoin crashed by about $1,000, to around $7,000.”
Someone should break the news that $1,000 swings are typical for the emerging cryptocurrency. Not only that, but the bitcoin price has since recovered to nearly $8,000 since he published his article on Monday.
Another thorough, thoughtful analysis https://t.co/ob6xyiRx9N
— Barry Silbert (@barrysilbert) May 21, 2019
While fear mongering isn’t good for any asset class, it’s particularly dangerous for a nascent category such as cryptocurrencies. If Crudele wants to publish an article about bitcoin, he should provide a more balanced view and get his facts straight. Not everybody is bullish on BTC, but they provide a basis for their analysis, technical or otherwise. The Post columnist simply states:
“Bitcoin will soon be worth zero. But until then criminals will still be able to use it and other digital currency to move money around the world without being caught.”
It’s true that the industry continues to battle fraud such as money laundering and exchange hacks. But regulators are cracking down and the industry infrastructure is stronger than ever. Why else would Fidelity launch a bitcoin custody business and the NYSE-backed Bakkt create a regulated bitcoin futures exchange?