The Bitcoin Shift: From Critics to Curiosity

From the Rockefeller Foundation to Donald Trump Critics Who Wrote Bitcoin Obituaries are Now Examining Their Own Minds.

Elites acknowledge that Bitcoin is here to stay, as greater fools watch.

The Financial Times finally admits that Bitcoin might have a purpose! This is just one example of the growing shift in how people view cryptocurrencies. From influential figures like ex-President Donald Trump to Larry Fink, there is a sense that something important is happening in the crypto space.

Welcome to The Node newsletter, where we bring you the most pivotal crypto news from Blocking.net and beyond. Don’t miss out – subscribe to the full newsletter here!

Rockefeller International Chair Ruchir Sharma recently wrote an opinion piece titled “Once dismissed as fanatics, the Bitcoin bulls must be feeling vindicated.” In it, he acknowledged that the bitcoin bulls were mostly right about its long-term prospects as an investment. While bitcoin has been known to behave like penny stocks, with its ups and downs, the fact that it quickly recovered from its bubble burst suggests that there is something real and sustainable happening in the cryptocurrency world.

But hold on, this is not just any opinion piece. It’s from the Financial Times, a publication that has been notoriously critical of cryptocurrencies for years. This is a significant shift for them, as they have rarely published pieces that speak positively about crypto. Many of their reporters and editors have been staunch critics, always ready to write negative articles or self-satisfied statements when things go wrong in the crypto market, which, let’s be honest, happens quite often.

• Bitcoin: Empowering Women in the Digital Economy 💪💰
• What’s the Point of a $275,000 Fine? SEC Settlement Leaves Questions Unanswered
• Bitcoin’s All-Time High: Not Hedged for Inflation?

Just take a look at Alphaville, the FT’s daily markets blog, which has consistently adopted a skeptical stance on crypto. Here are a few of the headlines they’ve published over the past four years:

• “Little evidence that a spot bitcoin ETF would expand the market” (Boy, were they wrong on that one!)
• “Let crypto burn” (How charming…)
• “How stablecoins are destabilising crypto” (A Tether crisis think piece)
• “Why bitcoin is worse than a Madoff-style Ponzi scheme” (Madoff was pretty bad, huh?)
• “Oh no, now Deloitte with the crypto nonsense” (God forbid companies take an interest in emerging tech)
• “The crypto Buffett lunch has been postponed. Lucky Warren Buffett.” (Well, they might have gotten this one right)

Former Alphaville editor Izabella Kaminska, who had been a staunch critic of Bitcoin for years, eventually had a change of heart in 2020 and left the FT two years later. She admitted that she had always viewed the crypto market as a honeytrap for irrational exuberance fueled by the quantitative easing and zero interest-rate policy era.

While the growing appreciation for Bitcoin among influential individuals doesn’t necessarily mean that everyone is now a crypto supporter, it does open the doors for more serious consideration of blockchain technology. Crypto is slowly shedding its stigma. Perhaps one day, viewing Bitcoin as just another part of the financial landscape will become the default position, rather than sneering, jeering, or steering clear.

Even Donald Trump, who called crypto a “scam” in 2021, recently admitted that he has been having “fun” with it and referred to Bitcoin as an “additional form of currency.” These positive comments from Trump, as his presidential campaign ramps up, suggest that he no longer sees crypto as a threat to his agenda and may have shed the populist opposition to it.

Furthermore, the number of people willing to criticize the crypto industry appears to be dwindling. One of the factors contributing to this shift is the successful launch of spot bitcoin exchange-traded funds (ETFs) in the U.S. This not only proved that there was a significant demand for bitcoin exposure but also debunked the Securities and Exchange Commission’s fears of market manipulation.

More importantly, as Sharma’s op-ed implies, these elite figures might simply be tired of always being wrong about Bitcoin. There are only so many autopsies of a supposed dead Bitcoin that can be conducted before the critics have to examine their own heads.

Of course, it’s worth noting that accepting Bitcoin’s continued existence doesn’t mean all its flaws go away. There’s no denying that crypto still has its issues. However, with fewer people regurgitating tired arguments to be debunked, we can hope that the quality of industry criticism will improve.

Sharma himself, while acknowledging the viability of Bitcoin as an investment, still has reservations. He points out that Bitcoin isn’t widely used as a currency and that the concept of it becoming “digital gold” is still a dream. While it’s true that Bitcoin isn’t commonly used for everyday purchases, its buyers treat it as a store of value. The fact that 70% of Bitcoin addresses have been inactive for over a year is because people are buying and holding it. Bitcoin may not have reached gold’s market cap today, but it’s steadily climbing the ladder. In fact, it recently crossed $1.4 trillion in market capitalization, putting it on par with silver.

With Bitcoin, anything is possible. It could continue its rally, trade sideways for months, or experience a downturn. The important thing is not to bet against it surprising you. And whether you’re an investor or not, it’s undeniable that the shift in sentiment towards Bitcoin is significant and could have long-lasting consequences.

References: 1. Does Anyone Else Feel the Crypto Vibe Shift? 2. Bitcoin Price | BTC Price Index and Live Chart – Blocking.net 3. Little evidence that a spot bitcoin ETF would expand the market 4. Let crypto burn 5. How stablecoins are destabilising crypto 6. Why bitcoin is worse than a Madoff-style Ponzi scheme 7. Oh no, now Deloitte with the crypto nonsense 8. The crypto Buffett lunch has been postponed. Lucky Warren Buffett.

Q&A

1. Are cryptocurrencies like Bitcoin becoming more widely accepted?

Yes, there is a notable shift in how people view cryptocurrencies like Bitcoin. Even traditionally skeptical figures, including former President Donald Trump, are starting to show curiosity and even support for crypto. This change in sentiment indicates a growing acceptance and openness to blockchain technology.

2. Does the Financial Times usually have a negative stance toward cryptocurrencies?

Yes, historically, the Financial Times has been critical of cryptocurrencies. Their reporters and editors have often published negative articles and statements when crypto experiences setbacks. However, the recent publishing of an optimistic opinion piece about Bitcoin suggests a shift in the publication’s perspective.

3. How does Bitcoin compare to gold as an investment?

While Bitcoin has not yet reached gold’s market capitalization, it is steadily climbing. Bitcoin’s status as a store of value has attracted many buyers, and its market capitalization recently crossed $1.4 trillion, putting it on par with silver. The idea of Bitcoin becoming “digital gold” is still a dream, but it shows the potential for significant growth in the future.

4. What impact do spot bitcoin exchange-traded funds (ETFs) have on the crypto market?

The successful launch of spot bitcoin ETFs in the U.S. has had a profound impact on the crypto market. It demonstrated a high demand for bitcoin exposure and debunked fears of market manipulation by showing the SEC’s misplaced concerns. This development has added legitimacy to the crypto industry and contributed to the changing sentiments toward Bitcoin.

5. Is Bitcoin widely used as a currency for everyday purchases?

Currently, Bitcoin is not commonly used as a currency for everyday purchases. People generally treat it as a store of value or investment asset. However, the rise of cryptocurrencies and blockchain technology has the potential to transform how we conduct financial transactions in the future. Bitcoin’s primary use case may evolve as adoption increases.

In conclusion, the changing attitudes of influential figures like Donald Trump and Larry Fink, along with the Financial Times’ admission that Bitcoin might have a purpose, indicate a significant shift in how cryptocurrencies are perceived. While flaws still exist within the crypto industry, the overall sentiment is changing, and serious consideration is being given to the potential of blockchain technology. Bitcoin continues to surprise skeptics and reach new milestones. It is transforming from a disruptive technology to a part of the financial landscape that cannot be ignored. So whether you’re an investor or simply curious about the evolving crypto world, one thing is clear: Bitcoin is here to stay.

---

Did you find this article insightful and entertaining? Share your thoughts and join the conversation! And don’t forget to subscribe to The Node newsletter for more valuable crypto news.

🔥🚀🌙

Subscribe to The Node newsletter here

References: 1. Does Anyone Else Feel the Crypto Vibe Shift? 2. Bitcoin Price | BTC Price Index and Live Chart – Blocking.net 3. Little evidence that a spot bitcoin ETF would expand the market 4. Let crypto burn 5. How stablecoins are destabilising crypto 6. Why bitcoin is worse than a Madoff-style Ponzi scheme 7. Oh no, now Deloitte with the crypto nonsense 8. The crypto Buffett lunch has been postponed. Lucky Warren Buffett.

We will continue to update Blocking; if you have any questions or suggestions, please contact us!