Just as Bitcoin continues to disappoint get-rich-quick investors with another turn towards sub-8000 dollar levels, Bloomberg has suddenly decided that “Bitcoin seems a bit boring” – despite continuing to sensationalize the dominant cryptocurrency by market capitalization on a daily basis.
A Real Snoozefest
In case you didn’t realize it, Bitcoin is now officially boring — at least, according to mainstream news giant Bloomberg, who has apparently realized that double-digit daily gains in valuation don’t happen every day.
Aside from merely sensationalizing Bitcoin as it always does, Bloomberg backs up its claims that Bitcoin is boring with a series of silly statistics. 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.
Which standards the article refers to, exactly, remain a mystery given that Bitcoin first reached $8,000 per coin on Nov. 19, 2017. (That’s not even four months ago.)
For reference, Bitcoin has been around since 2009 and has spent the vast majority of its existence trading well under $1,000. Still, Bloomberg interestingly pegs the $8,000-$11,300 range as “boring” and “minuscule” — the latter adjective literally being synonymous with “tiny” and “extremely small.”
Things 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.
While there is certainly no shortage of news stories related to governments and regulators wrestling with the very cryptocurrency which seeks to undermine their power and control over society, Bloomberg apparently didn’t check it’s own archives very thoroughly. Roughly 48 hours ago, the very same company published an article titled “Bitcoin’s Anarchy Is a Feature, Not a Bug.”
The article also entirely glosses over recent stories about Slovenia’s new Bitcoin statue, Bitcoin’s popularity in South Africa amid political turmoil, and strippers getting Bitcoin QR codes tattooed on their bodies.
The article also cites Roger Kay, president of research firm Endpoint Technologies Associates Inc., who states:
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.
Apparently, Roger Kay never scrolled to the left on Bitcoin’s historical chart. If he had, he might’ve noticed that Bitcoin’s tremendous run-up and subsequent sell-off are – to put it in “pretty straightforward” terms – par for the course.
Finally, the article concludes with the following gem:
Remember, after a rally boosted its price 84-fold in 2013, it tumbled back down in the next week and held there until lifting off again in 2017. Yes, the slump lasted more than three years.
One can only wonder if Bloomberg’s coverage of Bitcoin going forward will mirror that of the last three years.
Do you think Bitcoin is boring now? Let us know in the comments below!
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