Bitcoin Bulls and Mainstream Media Not on the Same Page as Headlines and Price Shows Divergence
Bitcoin is more famous now in 2019 than it ever was before. The recent price spike caused the newest wave of people investing in the asset today. Traditional financial investors, giants from social media and even retail companies such as Starbucks are all talking about cryptos, this is a fact.
However, most of the mainstream media outlets flat out affirm that Bitcoin can be known as a fool’s gold, not digital gold. According to them, the whole thing ranges from a scam to a bubble, something that the investors know that it is not the truth (although eventual bubbles do happen and they end bursting like last year).
Also, while die-hard crypto fans hold their own keys and praise the decentralization of the ecosystem, several crypto users are simply not that much excited about the whole idea. They often do not care about nodes, private keys and cold wallets, they just want a trustworthy company to hold their digital money for them.
This interesting new Reddit post created by u/atc2017 has tried to correlate how the notoriety of crypto and Bitcoin is going up with how prices go up and down. The main reason for creating this was to understand how rise and fall in prices are correlated with exposure and awareness, a theory that is pretty popular in the BTC community.
The graph shows in green the positive mentions of BTC and crypto, the negative ones in red and neutral in gray. Unfortunately, even as the prices increase, most of the news is either neutral or negative and almost none of them are positive.
With the graph, it can be clearly seen that the media continues to be skeptical even as the crypto bulls are making more and more money. Even when the big price increases happen, the token is not really appreciated by the media outlets, as the price bumps may be comparable to more news about it, but not necessarily positive exposure.
When the prices go down, however, negative exposure tends to go up, which clearly shows the negative bias that the traditional media has against BTC.
What could actually be surprising is that most of the time the news is generally deemed to be fairly neutral. This shows that it does not really mean whether prices are going up or down, the media also does not seem to hate BTC that much. Also, this year the negative views have somewhat diminished.
Are these trends ever going to chance? We have to wait and see. Negativity will certainly continue for a long time, at least until the ecosystem is fairly well-regarded around the whole world.