CNBC’s New Bitcoin TV Show ‘Boom or Bust’ Explores “Cryptocurrency Cultism”

CNBC’s New Documentary On Bitcoin Explores The Cultism Associated With Cryptocurrencies

Most people outside the crypto ecosystem find Bitcoin is a mysterious and wacky cult. “Bitcoin: Boom or Bust” on CNBC which premiered on August 27th seemed to highlight this cult.

It's "HODL" and it's the most important acronym in the bitcoin vernacular. We explore the concept in "Bitcoin: Boom or Bust," premiering Monday, August 27 at 6 p.m. EST on CNBC. #BitcoinBoomOrBust #CNBCCrypto https://t.co/vgvshklCB0 pic.twitter.com/rV1N2kLCzy

— CNBC (@CNBC) August 25, 2018

As stated earlier this week, the documentary features CNBC Fast Money host Melissa Lee. During the one-hour long documentary, Lee will explorers “the good, the bad and the ugly sides of bitcoin.” Instead of building hype, however, the release of this announcement has seemingly backfired, with crypto enthusiasts, personalities, analysts and investors coming out en-masse to pick apart the short, yet contentious trailer.

Here’s how CNBC describes it: “This original documentary employs pop culture, captivating imagery and a hip-hop score (a staple in crypto-culture) as it follows a wide range of fascinating characters, each with their own passionate argument either for or against bitcoin. This documentary is an eye-opening journey that proves to be as informative as it is entertaining and unexpected. Lee offers viewers a rare look inside the wild world of bitcoin, uncovering the unusual landscape and cast of characters surrounding it, and ultimately, allowing viewers to take their own side in the crypto craze.”

The documentary’s focus on a Bitcoin diehard, dubbed “Crypto Kid,” who seems to be set on representing his slightly over-the-top character, rather than presenting viewers with an edifying look into Bitcoin and related topics. Bitcoin millionaire Crypto Kid, whose legal name is Justin, is such a diehard that he apparently sold a majority of his worldly possessions for crypto, and now lives in a treehouse as an expression of his “frugal” lifestyle. While there isn’t anything inherently wrong with “Crypto Kid,” many critics stipulated that a focus on a more relateable cryptocurrency enthusiast would have been a better choice for viewers.

Notably, CNBC has been unpopular for their flagrant and the overzealous predictions. A research by Jacob Canfield reveals that 95% of the time that CNBC goes ahead to make a call and you take the different trade it will give you as an investor positive returns.