FT Alphaville’s Spiteful ‘Apology’ to Bitcoiners
FT Alphaville, the Financial Times’ daily commentary section, came in for widespread criticism on X, formerly Twitter, for a sarcastic “apology” to Bitcoiners after Bitcoin broke through the $100,000 level on Dec. 5. In a piece by city editor Bryce Elder, the article mockingly addressed readers who might have decided not to invest in Bitcoin over the past 13 years.
“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”, Elder wrote. The tone of the piece was broadly regarded as dismissive, adding their skepticism of crypto didn’t extend support for traditional finance (tradfi), saying, “We hate that too.”
13 Years of Bitcoin Criticism
Since its first article on Bitcoin in 2011, when the cryptocurrency traded at $15.90, FT Alphaville has constantly maligned Bitcoin as:
- A “negative-sum game”
- Inefficient as a medium of exchange
- A compromised store of value
Elder further referred to Bitcoin’s price as an “arbitrary hype gauge” decoupled from utility. Despite Bitcoin’s rally to $100,000, the outlet doubled down with claims that it stands by all previous criticism of the cryptocurrency.
“Cope-Pology” Sparks Backlash
The crypto community reacted in disdain to the op-ed, with many ridicule it as a “faux apology.” One X user branded it “Cope-Pology,” while others criticized FT for failing to admit its misjudgment of Bitcoin’s growth.
“Imagine being so wrong and still having this lack of humility,” one commenter said.
Another user then accused FT Alphaville of bias, stating the publication had long ignored Bitcoin’s evolving utility and growing adoption.
Skepticism Abounds Despite Bitcoin’s Milestone
FT Alphaville’s skepticism puts it in company with other vocal Bitcoin critics such as Warren Buffett, JPMorgan’s Jamie Dimon, and financial commentator Peter Schiff. Each has, at one time or another, said that Bitcoin will never reach major milestones like $100,000.
But despite this criticism, the performance of Bitcoin has continued to surprise on the upside. Debates over the utility of Bitcoin and its value will still remain highly divided, likely to be a polarized topic that garners the most staunch supporters and vocal critics.
The $100,000 mark is a testament to resiliency and growing importance in the financial markets, even as various institutions like FT Alphaville remain firmly entrenched in critiques.
