Mainstream Media is Having a Moment with Crypto, Becoming Increasingly Negative on Bitcoin
Everyone knows that virtual currencies and Bitcoin had a bad 2018 when we have a look at the value of digital assets. Mainstream media seems to be very negative about the space and has been writing a lot of FUD around cryptocurrencies.
Bloomberg and CNBC have usually been reporting how Bitcoin (BTC) behaved in the market and how it was performing. However, since Bitcoin dropped under $6,000 the focus on its price has called their attention even more than expected.
Clearly, the space and news outlets are paying a lot of attention to Bitcoin’s price, but this is one of the many problems of why there is so much FUD. During 2017, a lot of money has been invested in virtual currencies and other projects such as Initial Coin Offerings (ICOs). However, the technology and developments couldn’t follow the price.
For example, newcomers that entered the crypto market when Bitcoin was reaching new highs and experienced high fees and low transaction times, they realized that the price was not related to the services offered. There were many things to solve, and scalability issues were one of them.
While newcomers experienced these issues, there were many reports talking about Lambos and new millionaires and billionaires that were earlier investors. Speculation exacerbated users that ultimately realized that virtual currencies were overvalued.
Between 2017 and the beginning of 2018, the industry has been full of speculators trying to become millionaires from one day to the other. However, things do not work in this way.
Projects will now start focusing more on creating applications that work rather than expecting investors to place funds into an idea that has not yet been developed. The ICO market will clearly play an important role in this shift in terms of how to analyse the market.
Aviv Lichtigstein, the founder of 101 Blockchains, commented about the future of the space:
“That’s something I see changing in the industry. We’re going to see more companies building technology before publishing a whitepaper. There need to be more working products and fewer papers.”