Bitcoin breaks $100K and Financial Times shocks with excuse

• Bitcoin hits $100K after 13 years of criticism
• Financial Times maintains skeptical stance on cryptocurrencies
• Mixed reactions to ironic Bitcoin apology

The Financial Times (FT) has sparked controversy by publishing a tongue-in-cheek “apology” to Bitcoin enthusiasts, following years of criticism of the cryptocurrency, especially when its value surpassed $100.000 on December 5. In the satirical FT Alphaville article, section editor Bryce Elder addressed Bitcoin enthusiasts with an obvious irony. He stated: “We apologize if at any time in the last 14 years you have chosen, based on our coverage, not to buy something whose numbers have gone up. It’s nice when your numbers go up.” The sarcastic response did not go unnoticed, with readers quickly highlighting the tone on social media.

Hodlers: an apology https://t.co/aDJdYXuCQD

— FT Alphaville (@FTAlphaville) December 5, 2024

Since its first article on Bitcoin in 2011, when the cryptocurrency was trading at $15,90, FT Alphaville has maintained a critical stance. The outlet has called Bitcoin a “negative-sum game,” suggesting that it generates more losses than gains, and has also called it “chronically inefficient” for everyday transactions and “compromised” as a store of value. Elder reinforced these views in the editorial, describing Bitcoin’s price as an “arbitrary hype indicator” disconnected from any real utility. He added that FT Alphaville stands by “every single one of these posts.”

The “apology” drew mixed reactions from Bitcoin supporters. Many accused the FT of failing to recognize Bitcoin’s growing role in the global economy. Others saw humor in the situation, noting that the FT’s skepticism hasn’t stopped Bitcoin from reaching new heights. The “apology” was wrapped in a “sorry, not sorry” tone, as the section’s editor claimed that the company still stands by “every single one of those posts.”

The Financial Times is not alone in its criticism of Bitcoin. Prominent figures such as Berkshire Hathaway’s Warren Buffett and JPMorgan’s Jamie Dimon have also expressed skepticism about the cryptocurrency. However, despite the criticism, Bitcoin continues to gain acceptance, with businesses and investors recognizing its potential as a store of value and medium of exchange.

At the time of publication, the price of Bitcoin was quoted at US$99.399,97 with a drop of 1.8% in the last 24 hours.

The Financial Times’ recent “apology” highlights the complex relationship between mainstream media and the world of cryptocurrencies. While some outlets remain skeptical, Bitcoin’s growth and adoption suggest it is becoming a significant part of the global financial system.