The Financial Times’ Alphaville blog issued a rare, snarky, and semi-humorous apology to readers, addressing its longstanding skepticism toward Bitcoin.
Since June 2011, Alphaville has consistently characterized Bitcoin (BTC) as a “negative-sum game” with limited utility, often describing its price as more reflective of hype than intrinsic value.
But, with Bitcoin recently surpassing $100,000, the publication issued a lighthearted apology for its previous coverage that may have deterred readers from investing.
In its apology, Alphaville acknowledged the impact its coverage may have had on readers’ investment decisions. “We’re sorry if at any moment in the past 14 years you chose based on our coverage not to buy a thing whose number has gone up,” the blog wrote, referencing Bitcoin’s meteoric price rise
While standing by its critical analysis, Alphaville admitted its commentary may have unintentionally led readers to overlook Bitcoin’s potential for significant returns.
Bitcoin as an “arbitrary hype gauge”
The apology maintained a blend of contrition and continued skepticism. Alphaville reiterated its view that Bitcoin, while “clever” as a protocol, remains inefficient as a means of exchange and is compromised as a store of value.
“We stand by every single one of those posts,” FT wrote in reference to their past skeptical takes on Bitcoin.
FT described Bitcoin’s price as an “arbitrary hype gauge,” disconnected from the cryptocurrency’s utility. Nonetheless, the publication conceded that readers might have misinterpreted its cynicism as an endorsement of traditional finance, which Alphaville clarified it does not support either.
