Bitcoin naysayers could not have hoped for a better week.
The global media frenzy is perhaps unsurprising given our love of extremes. In this case, the magnitude of the losses (approximately $350m of customer funds) also made the story a winner in the eyes of editors.
Although this week’s news cycle was mostly negative as a result, some journalists preferred to focus on more positive yet arguably more unimportant news.
Mt Gox stirs Japanese media
The fact that Mt Gox was based domestically, coupled with the magnitude of its financial losses, resulted in a mass-coverage of the arrest by local Japanese media outlets.
Sankei published a piece following Karpeles’ arrest which sought to assess bitcoin’s viability and credibility, highlighting its negative connotations.
A loosely translated excerpt read:
“But unlike the general currency that is backed by the country’s credit, the question mark is attached to the safety and reliability. In particular, anonymity is high, crime successfully exploits the difficult features