Financial Times’ daily news commentary service, FT Alphaville, faced the wrath of the crypto community when it crafted a seemingly sarcastic “apology” to Bitcoin enthusiasts as Bitcoin’s value soared past $100,000 on December 5th. The somewhat mocking commentary, published on the same day, seemed to express regret towards those who didn’t invest in Bitcoin after FT’s initial evaluation of the crypto asset back on June 6, 2011, when it was valued merely at $15.90.
Bryce Elder, city editor of Alphaville stated, “We’re sorry if at any moment in the past 14 years you didn’t buy into this crypto based on our pulled-back coverage. We understand your disappointment for not seeing your investments’ value rise. However, don’t confuse our skepticism regarding crypto as an endorsement for traditional finance. We have our reservations about that as well.”
Historically, FT Alphaville has been outspoken about viewing Bitcoin as a “negative-sum game” that doesn’t serve as a means of convenient exchange nor a reliable store of value. The firm’s criticism extends to Bitcoin’s price being largely influenced by hype rather than utility. As Elder added, FT Alphaville continues to stand by each one of these previous judgments, eliciting heated responses from the crypto community.
The response to FT’s apparent “apology” was not well received within the crypto community. For example, one crypto enthusiast termed it as a “Cope-Pology,” indicating it as an attempt to save face. Another pointed out the irony of being consistently incorrect yet unwilling to exhibit humility.
Furthermore, FT Alphaville has been relentless in criticizing almost every aspect of Bitcoin, including its pseudonymous creator, Satoshi Nakamoto. American risk examiner Mark Williams likened Satoshi’s approach to Bitcoin’s supply schedule to a doctor indiscriminately prescribing medication without taking into consideration individual ailments.
Nevertheless, Bitcoin managed to hit the $100,000 mark despite continuous criticism from bigwigs like Berkshire Hathaway’s Warren Buffett, JPMorgan’s Jamie Dimon and finance commentator Peter Schiff, all of whom had boldly predicted that Bitcoin would never manage to reach this milestone.