Major media outlets, specifically financial media outlets, are eager to jump on every chance they have to promote doubt and biased information about Bitcoin, but lately Bitcoin has given them very little ammunition..
In my opinion, one of the biggest contributing factors of many individuals' doubt and skepticism surrounding Bitcoin has originated from the constant and continuous negative press that publications such as Market Watch, Wall Street Journal, ect. When Bitcoin has the support and momentum that we have been seeing lately, these publications are hesitant to write anything surrounding Bitcoin at all, but it makes it much harder to even maker their extremely biased negative opinions seem rational o even the most skeptical readers. I remember that in the beginning of this year the media loved to use words like 'crash' and 'plummet' in titles discussing Bitcoin's volatility, but when the market is seeing all time highs and never before seen support, will individuals finally see that these publications have specific interests in creating and instilling doubt surround Bitcoin to traditional investors.
I'm really not sure whether or not many individuals will change their mind about Bitcoin, because many sill trust these outlets and publications entirely. I must admit, it doers bring me a smile to see that these publications have been completely wrong about Bitcoin, but this doesn't mean that they have done anything to change their stance regarding Bitcoin in their writing. If the individuals who read these publications only get their information from that source, then it is unlikely that many of these individuals would even know how far Bitcoin has come and just how big it is likely to be. These publications will likely never publish an unbiased article relating to bitcoin, but even the fact that these outlets were so wrong for so long should diminish their credibility on the subject.
These publications will hold on to their opinions relating to Bitcoin for as long as they can.
I really don't see these publications changing their stance on Bitcoin anytime soon, or at least not before the point where Bitcoin gains even more support and adoption. Unfortunately, these publications do have a relatively large amount of influence among their readers, who are typically of upper-middle to upper class income and are active in investing the traditional investment plaforms. I do have a family member who is a reader of these publications, and over the past 6 months have told me and shown me numerous articles that distilled doubt around Bitcoin. When I would counter with how biased and irresponsible these articles were, my family member actually saw these types of articles for what they were, extremely biased and obviously motivated by external forces or pressures.
While completely irresponsible and biased journalism has seemed to become the norm for mainstream media outlets over the past several years, a financial publication that chooses to present such biased and one sided information o their readers is simply unacceptable. I am by no means saying that financial institutions need to be in support of Bitcoin and can never write a negative piece about it, but rather that if a publication chooses to write about ANY investments in a negative way, they mus at the very least attempt o seem objective. There are many articles that are legitimately humorous if you are educated and informed about Bitcoin, but these pieces can have a very large influence of instilling doubt in potential investors.
The biased and in some cases blatantly irresponsible reporting has the greatest negative impact on the publication's readers.
Even when the price was in the 1000 dollar range at the beginning of the year, these publications never wrote a single objective piece in support of Bitcoin. If these publications wrote well rounded pieces that discussed all aspects and angles of Bitcoin, some of their readers could be in a position of over 100% profit in less than 6 months. Wall street in general is very hesitant to change as we have seen throughout its history, and the same can often be said about investment publications and media sources. While I have personally been able to properly inform my family and friends regarding Bitcoin, many individuals who get information from these publications exclusively still likely have no idea about its success and the advancements that i has made in 2017.
These media outlets are truly doing their customers and readers a disservice by remaining so biased and continuing their irresponsible reporting practices when it comes to Bitcoin. These publications will have to eventually begin to cover Bitcoin more as the support and interest continues to increase, and I personally can't wait for these outlets to be forced to eat their words. It isn't only that he publications didn't support and believe in Bitcoin, but its the manner in which they reported on it that will likely make them look very biased and irresponsible in the future. While Bitcoin users and enthusiasts all have their own personal favorite places to get their bitcoin news and information, everyday people are very unlikely to go out of their way to look into an investment that hey have only read or heard of in an extremely negative context.
One of the most common things that I hear from those who don't believe in Bitcoin is how volatile and unstable the price is and has been. While cryptocurrencies at the current moment are of course more volatile than traditional investments, when individuals have all of the facts and figures they can see that the volatility isn't detrimental o the rise and success of Bitcoin.
Have Financial media outlets become just as biased as the mainstream news media?
Le's use today's pricing activity as an example. The price reached a high pricing level that exceeded 2200 dollars, but then took a retreat around 2 hours ago back into the 2000 dollar range in a relatively short period of time . While this could be considered extreme volatility, if we take an objective look a the price history over the past week we see a much clearer picture. Just 7 days ago, May 15, the price was in the 1750 dollar range. A finacial media's headline would likely be something to the extent of "Bitcoin Price Plummets And Looses 10% Of Its value over the course of an hour!". The article would likely go on to explain that the drop was extremely sudden and would use the very highest price of the day and the absolute lowest point of the retreat as its references for the percentage of losses. These outlets would never explain that even at the lowest point of the retreat, Bitcoin is still up well over 10% on the week, and over 100% on the year.
In terms of cryptocurrency, the weekly and monthly price gains give a much better picture of performance compared to any specific period of retreat or price increase. While any reader who had the full picture and all of the information would be able to draw there own conclusions and determine whether this is an investment that they may want to look into, if the information is always presented in such a negative context then individuals are much less likely o do further research on their own. To be honest I think that the biased and irresponsible reporting methods by mainstream outlets have just increased the chances for profit and success for the rest of us, but I still believe that they are doing their customers an extreme disservice by providing information in the manner that hey choose to.
I really hope that you enjoyed this post, and as always I urge you to leave any comments, input, questions, or discussions below! Thank you for reading!
great...resteem and upvote for you....
One thing that puzzles me with Bitcoin, is why would you use it. (spend)
Unless you are a lucky gambler, you will be paying a higher price to replace it.
Possibly, a much higher price. Hmmmm
I know this has been asked before. If you could be a miner, I might understand. But, how many miners are Bitcoin mining business?
Yes, it could drop in price...........................When employees start getting paid in Bitcoin, that will be the day.........................
Francis
Miners are often times just concerned with running a profitable operation rather than putting all of their faith into the long term of Bitcoin. Same goes for traders and investors who sell once they make a reasonable profit margin. I hope that Bitcoin achieves long term success, but that isn't a gaurentee by any means
I see little to no effect. Most people in the US still don't know what Bitcoin is at this point. Even fewer know what Ethereum or Steem Power is. CNBC did show Bitcoin as it's lead story earlier today on cnbc.com due it's rocketing price.