Mainstream reports about bitcoin prices and the broader cryptocurrency revolution has obvious correlations with the domestic political coverage. As soon as key blockchain assets begin to tumble in the digital markets, bearish analysts and pundits are all too eager to proclaim the death of bitcoin. Similarly, “fake news” outlets like CNN or MSNBC are ready to impeach President Trump at the first hint of trouble.
Those who attack the cryptocurrency markets are a dime a dozen. When China banned the practice of initial coin offerings — essentially, a corporate fundraising activity utilizing digital currencies as opposed to distributed equity shares — the media was out for blood, declaring bitcoin prices as being in an unsustainable bubble. Missing are the voices that acknowledge bitcoin integration, and the growing role of the blockchain in our everyday lives.
A prime example of media bias is Los Angeles Times writer Michael Hiltzik’s hit piece, “Bitcoin’s price hit $5,000 last week. It’s still a dumb investment.” Hiltzik’s arguments are so full of ironies that one wonders if this column was deliberately written tongue-in-cheek as a subtle argument favoring bitcoin integration. The author quotes a Stanford University study, claiming that “Since Bitcoin is not backed by an underlying asset and instead has a fully fluctuating exchange rate… the idea of bubbles seems salient.”
For years and even decades, the mainstream media decried gold and silver investments because they represented the barbaric relics of sound, backed money. Apparently now, the backing of a currency is an essential component to its stability. Yet these same columnists will refuse to acknowledge precious metal bullion as legitimate safe-haven assets.
Un-backed, or fiat, currencies are only good if they involve international central bank notes. But they’re unsustainable and speculative if they originate from the blockchain. The hypocrisy is unreal.
Yet such criticisms routinely ignore the growing trend of bitcoin integration. No longer is analyzing bitcoin prices strictly an academic exercise. Today, multiple purchases and acquisitions can be made through cryptocurrency assets.
As reported by Bitcoinist.com, bitcoin integration recently hit the final frontier — real estate. Recently, British elite entrepreneurs offered for sale a real estate development project in Dubai. The proposed transaction differs from all others in that the entrepreneurs will accept bitcoin for payment.
This is significant on so many levels, but in my opinion, the biggest implication is that a cryptocurrency born out of “digital demand” can now acquire the ultimate physical asset. In prior years, bitcoin integration was largely limited to growing volume in digital investment markets. Presently, blockchain advocates are laying the groundwork for the complete normalization of cryptocurrencies.
Thus, I completely disagree with Hiltzik’s argument that bitcoin is a “stupid” investment. Quite obviously, robust bitcoin prices immediately dismiss that negative perspective. Moreover, the blockchain revolution isn’t just limited to profitability; it truly is about changing the way we do finance, and ultimately, how we conduct business.