Mainstream Media’s Assault by CNBC on Bitcoin Being a Lottery Ticket Results in Crypto Outburst
Mainstream media is ruthless on cryptocurrency, mainly during natural downtimes. On the other hand, they speak down against crypto regardless of the time. Like now as cryptocurrencies such as BTC regain a solid footing, they continue their onslaught of negativity towards the industry. No one dumps more ammunition on the community than that of Becky Quick of CNBC.
Recent Interview Outrages the Community
Her latest portrayal of Bitcoin as a worthless digital currency investment has created quite the uproar from viewers in support of the cryptocurrency. Her calling the 1%-2% allocation of BTC by investors crazy caused one of the largest upsets in recent history within the industry. She didn’t stop at the interview however, deciding to take it on to Twitter to create even more pandemonium from readers who despised her personal Tweet.
It’s clear why she feels like so negative about BTC, at least somewhat. As a former writer for other major financial media channels like the Wall Street Journal, there’s some reasoning as to why she dislikes cryptocurrency. Her background in mainstream financial media has made it so. Becky Quick’s behavior is still uncalled for.
Her attack on the cryptocurrency lottery for example, is unjust, considering it’s nothing like a traditional lottery system. Cryptocurrencies like Bitcoin take a lot of time and hard work to make any sort of decent return on. A lot of people rely on the currencies for more than just get rich plans, instead investing entire life savings in hope their money will remain safe and untouched by the hands of the big brother government.
Bitcoin is in fact a very real investment with a real price that often fluctuates. The value of any digital currency like BTC is only as good as what the people believe it to be. At least cryptocurrency is backed by the belief of honest people, while traditional fiat isn’t backed by anything except the statements of the Federal Reserve. Bitcoin is no more dangerous than any other investment platform, such as Forex or the Stock Exchange, both of which have crashed at different times.
It looks as though CNBC ought to pay more attention to the entire financial sector, rather than bash Bitcoin alone. Other journalist like some found on other news outlets are not as unrealistic on the potential return on investment with cryptocurrency. In one story, Maria Bartiromo of Fox, covered several price spikes that occurred with Bitcoin while allowing specialists on the matter to speak freely on why the currency is so successful. She didn’t just bash them and BTC without any due cause or reason like Quick tends to. It was a nice change from the constant barrage of attacks from other news stations like that of CNBC, who should pay more attention to how other networks treat cryptocurrency.