The Financial Times (FT) has issued a controversial \u201capology\u201d after Bitcoin breached the $100,000 mark on December 5, 2024.<\/p>\n
The apology, published on FT Alphaville, the publication\u2019s daily news commentary service, was perceived by many as a backhanded admission of its failure to foresee Bitcoin\u2019s rise.<\/p>\n
The article<\/a>, written by Bryce Elder, City Editor of FT Alphaville, was framed as an apology to those who had, for over a decade, taken the publication\u2019s critical stance on Bitcoin at face value and refrained from investing in the asset.<\/p>\n \u201cWe\u2019re sorry if at any moment in the past 14 years you chose based on our coverage not to buy a thing whose number has gone up. It\u2019s nice when your number goes up,\u201d Elder wrote while adding a jab at traditional finance.<\/p>\n \u201cWe\u2019re sorry if you misunderstood our crypto cynicism to be a declaration of support for tradfi, because we hate that too.\u201d<\/p>\n Although the statement was meant to sound like an apology, the tone and wording made many in the crypto community skeptical. The article, published the same day Bitcoin\u2019s price rose<\/a> above $100,000, seemed more like sarcastic commentary than a genuine apology.<\/p>\n The news agency has long been critical of Bitcoin, dating back to its first article on the cryptocurrency, published on June 6, 2011, when the asset was priced at just $15.90.<\/p>\n The latest apology article detailed how past FT Alphaville posts had portrayed Bitcoin as a \u201cnegative-sum game,\u201d criticizing its inefficiency as a store of value or medium of exchange.<\/p>\n The author added that Bitcoin\u2019s value had been viewed as disconnected from utility, and its price was described as an \u201carbitrary hype gauge.\u201d The post also concluded by maintaining their original position, writing, \u201cWe stand by every single one of those posts.\u201d<\/p>\n The so-called apology did not sit well with Bitcoin enthusiasts. Many took to X to criticize <\/a>the Financial Times for issuing a sarcastic \u201cCope-Pology\u201d instead of a genuine admission of error.<\/p>\n One user described<\/a> it as the \u201csaltiest, most petty apology\u201d they had ever seen, while another person remarked<\/a> that it was hard to imagine being so wrong and still lacking humility.<\/p>\n The Financial Times has consistently maintained its anti-Bitcoin stance. In 2014, the site published a critique of Bitcoin\u2019s creator, Satoshi Nakamoto, likening them to a \u201creckless\u201d doctor.<\/p>\n The article, written by Mark Williams, a former Federal Reserve risk examiner, argued that Bitcoin\u2019s fixed supply failed to account for economic fluctuations. He likened the creator\u2019s approach to giving penicillin to every patient without first checking whether they are suffering from infection, depression, or mania.<\/p>\n The post Financial Times \u2018Apologizes\u2019 to Bitcoin Supporters After Years of Criticism<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" The Financial Times (FT) has issued a controversial \u201capology\u201d after Bitcoin breached the $100,000 mark on December 5, 2024. The apology, published on FT Alphaville, the publication\u2019s daily news commentary service, was perceived by many as a backhanded admission of its failure to foresee Bitcoin\u2019s rise. FT\u2019s \u2018Apology\u2019 The article, written by Bryce Elder, City […]<\/p>\n","protected":false},"author":0,"featured_media":26401,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-26400","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/26400"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=26400"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/26400\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/26401"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=26400"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=26400"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=26400"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Community Backlash<\/h2>\n