The price of Bitcoin is just above the $700 USD range with the current value at $703 at the time of this writing. It’s interesting to see that many people are very excited, and people are anticipating the upcoming halving with great enthusiasm. One thing is for sure mainstream media has been awfully quiet during this particular price spike.
Mainstream media has no problem dedicating it’s time to covering the technology behind Bitcoin called the Blockchain. They also don’t mind letting everyone know the cryptocurrency will soon be dead and give Mike Hearn the spotlight to let us all know. In 2014, Bloomberg told the world that Bitcoin was the year’s worst currency in the world seemingly trying to rub in the bearish downturn. Now the news publication after waiting many days has decided to report on the upswing and most mainstream outlets still have their lips sealed. In Bloomberg’s latest write up the author points directly at the halving theory and ultimately believes this is the reason for Bitcoin’s rise. The publication states:
“Bitcoin surged to a two-year high amid expectations supply of the digital currency will shrink next month.”
Other than that specific editorial every other finance publication has been in silence and has yet to cover the story. This is quite the contrast to when the rise had begun in 2013 as many news outlets reported on the increase but at the same time was predicting Bitcoin’s demise. Today the currency is being seen as a new asset class by many investors and devaluation of the yuan is scaring Chinese citizens. One safeguard available for them and many other countries has been Bitcoin and volume within Chinese borders has been exponential the past two weeks.
Eyes in media-land may be focused on the overall tanking global economy at the moment. Many are laser-focused on the upcoming Brexit vote where the UK may leave the EU. They all may be watching the U.S. stock market as well as investors and charts have been shaky across the board. There is plenty of media attention covering the aspects of these specific markets and certain financial tech stories like Lending Club’s downturn.
For instance, another popular subject at the current time is the blockchain hype where nearly every day these mainstream media outlets are sure to publish a story on how it’s going to transform the world. It’s kind of funny to see that during the time when Bitcoin is doing better than it was in 2014 mainstream media is writing about vaporware. The concept behind vaporware is a whole lot of talk about a new software that isn’t even built, but yet it’s going to save the world. It is sad to see the reports on these blockchains that have accomplished literally nothing but some PR and a fancy website.
The number one open chain network Bitcoin is doing quite well, and mainstream reporters should take notice. None of the blockchains they report on come close to the massive network effect Bitcoin has brought to the table so far which has also spawned every blockchain clone that has come into existence. Mainstream media has had a difficult time explaining the truth and what the citizens of the world want to hear. This is most likely why they are digging their own holes and alternative media is flying past them with great sprints. Just like the legacy financial system of today that Bitcoin is disintermediating, the “Old Media” of the past is becoming a relic and dinosaur. We all know what happened to the dinosaurs.
Source: Bloomberg, and the lack of coverage!