Bitcoin keeps disappointing buyers with another turn towards sub-8000 levels, Bloomberg has abruptly decided that Bitcoin appears a bit boring – despite continuing to sensationalize the dominant cryptocurrency by way of market capitalization on an everyday basis.
Just in case you haven’t noticed, Bitcoin is now dull — according to mainstream news Bloomberg, who has seemingly found out that double-digit daily profits in valuation don’t manifest each day.
Aside from simply sensationalizing Bitcoin as it always does, Bloomberg backs up its claims that Bitcoin is dull with a sequence of stupid facts. Take this one, for starters:
“For the past month, Bitcoin’s price has stalled between $8,000 and $11,300 – a minuscule range by its standards.”
For reference, Bitcoin has been around since 2009 and has spent the majority of its existence trading well under $1,000. Bloomberg apparently pegs the $8,000-$11,300 range as “dull” and “minuscule”.
Matters get even worse when Bloomberg states:
The 2018 lull shows just how quickly investment fads can come and go. Gone for now are the days when Bitcoin dominated talk at holiday tables. Stories lately look a lot like the ones in the back sections of financial papers — dry accounts of regulatory scrutiny, market structure and legal wrangling.
At the same time as there’s honestly no scarcity of news stories related to governments and regulators having conflicts with the cryptocurrency which seeks to undermine their strength and control over society, Bloomberg apparently didn’t check its records very well. About two days ago, the same company published an editorial called “Bitcoin’s Anarchy Is a feature, not a bug.”
The article totally glosses over current stories about Slovenia’s new Bitcoin statue, Bitcoin’s popularity in South Africa and political turmoil, and strippers getting Bitcoin QR codes tattooed on their bodies.
The article also sees Roger Kay, president of research firm Endpoint technologies associates Inc saying that “The story with Bitcoin is pretty straightforward. It went up fast, and then came down even faster. Consumers who flocked to it late got burned. They are in the shadows now, licking their wounds. And others contemplating how to get rich quick are acutely aware that what goes up can come down, and maybe Bitcoin isn’t the way to go about it.”
Roger Kay never scrolled to the left on Bitcoin’s historical chart. If he had, he might’ve observed that Bitcoin’s high-quality run-up and subsequently sell-off.
One could only wonder if Bloomberg’s coverage of Bitcoin going forward will replicate that of the last three years.