EOW closing BTC price: $69,030
Date range: March 4 - March 10, 2024
In this issue:
- The Altcoin Distraction
- The Press Coping With Bitcoin's Latest Rally
- Why Bitcoin Just Won't Die
Weekly Snapshot
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Main Topics of the Week
The Altcoin Distraction
Bitcoin's smashing records left and right, yet there's this weird vibe coming from a small pocket of the mainstream media - a palpable obsession with altcoins that resonates oddly against the backdrop of Bitcoin's recent achievements.
This peculiar fixation not only raises eyebrows but, isn't it also kinda bizarre?
Especially when you've got big names like Steven Ehrlich from Forbes jumping on the bandwagon:
So, what's the deal here? Why are journalists attracted to the shiny world of altcoins, while Bitcoin's rewriting the rulebook of finance right under their noses?
This obsession with the new and flashy is sidelining the real game-changer, Bitcoin, for stories that often burn bright and fizzle out fast.
Here's Bloomberg's Muyao Shen:
And here's Thomas Urbain together with Lucie Lequier for Barron's:
Is it the novelty factor, or maybe a bit of a misunderstanding about what Bitcoin's actually bringing to the table?
This misplaced focus isn't just throwing readers off but it's also overshadowing the real narrative: Bitcoin's steady march shaking up the financial world as we know it.
The Press Coping With Bitcoin's Latest Rally
The recent Bitcoin surge is the result of a perfect storm, and it's about time the naysayers recognized the writing on the wall.
You'd expect articles from outlets that has historically covered Bitcoin negatively, like Vox, The Guardian, and TIME, to tiptoe around the edges trying to cope with the fact that Bitcoin ripped to a new ATH, but they have surprisingly cut to the chase and specifically mentioned significant milestones like the U.S. green-lighting Bitcoin ETFs and the "halving" as the primary reasons.
The regulatory clarity is an expected resounding argument that the MSM cannot ignore, but the fact that all three specifically mentioned The Halving is a reflection of how the press in general are covering the event:
Mainstream media has ramped up coverage of The Halving, moving from almost no mentions to a flood of coverage we haven't seen in the last year. pic.twitter.com/7VRzHzEe6J
— Bitcoin Perception 🗞️ 📊 (@BTCPerception) March 6, 2024
Of course you have the backhanded comments like "bitcoin still isn’t being used as a currency" (Time), or "the momentum has to ease at some point" (The Guardian).
But the fact that the price is "forcing" some reporters to explain concepts like The Halving to its readers is a sure-shot sign of the seismic shifts signaling Bitcoin's relentless march towards mainstream acceptance.
Why Bitcoin Just Won't Die
If I had to explain Bitcoin in a sentence, it would be something to the effect of "it is a master of resilience, making a mockery of the skeptics who've been all too eager to write it off."
A more political way to frame it is Bitcoin has a complex relationship with its detractors.
But no matter how you frame it, the skepticism feels like a broken record at this point.
From The Atlantic's exploration of Bitcoin's supposed weaknesses to Barron's fixation on its controversies, the collective and repeated shrug from the 'usual suspects' in the MSM over Bitcoin's usefulness have turned this criticism into background noise.
Here's Gilad Edelman from The Atlantic:
Genuine question: For how long can it possibly be profitable to be this wrong?
Sadly, it only highlights how out of touch many detractors are with Bitcoin's core value and potential.
And that's really all there is to it. Can't stop, won't stop.
Thoughts to Start the Week
The Halving's on the horizon, and for the first time, the mainstream media's all over it. You love to see it.
