Does Mainstream Media Like Bitcoin Now?

Mainstream media is showing Bitcoin is a positive light these days. Two very interesting editorials appeared today called “I’m ditching traditional banks in favor of Bitcoin” published by Quartz and the Wall Street Journal’s article “Bitcoin Catches On With Gold Bugs” Both of these write-ups are the top posts within financial websites such as Yahoo Finance and various social media outlets. It seems mainstream media publications are slowly realizing that Bitcoin isn’t going anywhere and in fact, its use continues to grow more popular.

Today on the front page of Yahoo Finance people will see a post about Bitcoin from the news publication Quartz. The article details the author Simone’s testimony of why Bitcoin is better than the traditional banking system. The author mentions the many attributes the cryptocurrency possesses which include security, wallet use, and exchanging the digital currency for local fiat. After describing certain features that Bitcoin maintains better than legacy banks, the writer believes it’s quite possible for people to manage their finances with Bitcoin instead. Simone explains:  

“Using the aforementioned services and tools, I believe it is possible to live using bitcoin as your main form of currency. If I’m right, increasing numbers of people will never need to go to a bank again.”  

Alongside the report from Quartz another mainstream publication, the Wall Street Journal (WSJ) details how Gold Bugs are slowly turning towards the use of cryptocurrencies. The media outlet featured two young Bitcoin enthusiasts using Bitcoin to hedge against inflation as opposed to traditional gold reserves. Michael Novogratz, a hedge-fund manager, believes Bitcoin can be more appealing to those looking to hedge gold. Novogratz tells the WSJ he owns a “significant” amount of Bitcoin and very little gold. The publication also features a St. Louis venture capitalist named Brian Estes, who also thinks Bitcoin is a better safeguard than the precious metal. Estes tells the WSJ:

“I like bitcoin as a hedge against an economic collapse, it’s a hedge against the ATMs and the banking systems not being functional for a while.”

This is a far cry from the reporting mainstream media has done in the past concerning the cryptocurrency. Every week there seems to be more positive write-ups from journalists, economists, and investors about Bitcoin’s flourishing economy. Surely once in awhile there still is an article proposing that the digital currency is “dead” and it’s basically game over for Bitcoin supporters. However, during the first half of 2016 are showing more positivity from media outlets reporting the currency’s strengths as opposed to the usual hyped up failures they love to write about.  

Source: Wall Street Journal, Quartz

About Jamie Redman

Jamie Redman is a financial tech journalist from Florida thats been entrenched in the cryptocurrency community since 2011. He has a passion for Bitcoin, open source code, and decentralized applications. Redman has written hundreds of articles about the disruptive protocols emerging today.