Key Takeaways:
- Sarcastic “Apology” Spurs Debate: FT Alphaville’s op-ed sarcastically “apologizing” for its Bitcoin skepticism as Bitcoin hits $100,000 sparked backlash from the crypto community.
- Enduring Criticism: The Financial Times reiterated its view of Bitcoin as inefficient, unreliable, and hype-driven, standing by its decade-long critiques.
- Community Pushback: The crypto community dismissed the apology as insincere, highlighting a lack of humility despite Bitcoin’s milestone.
The Financial Times’ FT Alphaville sparked controversy with a sarcastic “apology” to Bitcoin enthusiasts after the cryptocurrency reached $100,000 on December 5.
Bryce Elder, FT Alphaville’s city editor, published an op-ed expressing faux regret for the outlet’s critical stance since 2011, when Bitcoin was valued at $15.90.
Hodlers: an apology https://t.co/aDJdYXuCQD
— FT Alphaville (@FTAlphaville) December 5, 2024
Elder’s tone mocked those who avoided investing due to FT’s skepticism, writing, “We’re sorry if…you chose based on our coverage not to buy a thing whose number has gone up.”
The piece reaffirmed FT Alphaville’s critical view of Bitcoin as inefficient for transactions, unreliable as a store of value, and fundamentally a “negative-sum game” driven by hype rather than utility.
Elder insisted the outlet stands by its critiques, even amid Bitcoin’s historic price surge.
The crypto community criticized the op-ed, labeling it a “faux apology” and a “Cope-Pology,” with one commenter accusing FT Alphaville of arrogance despite being wrong about Bitcoin’s trajectory.
The Financial Times has long dismissed Bitcoin, dating back to critiques of its creator Satoshi Nakamoto and its monetary design.
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