New BBC Bitcoin Story on the Crypto Industry Shows Just How Out of Touch With Reality They Are

Earlier today, the British Broadcasting Corporation (BBC) released a news story that highlighted the monumental growth of the crypto industry over the past couple of years.

However, as was to be expected from an institution as biased as the BBC, the authors of the report were quick to disparage the altcoin industry by referring to the entire domain as being a “passing fad” and a “quick way of making a buck”.

Bitcoin: Crypto investors 'think they can get rich quick' https://t.co/3x8rp1hGmA

— BBC Business (@BBCBusiness) March 7, 2019

Report: “Youngsters Have Bought into the Idea of Cryptocurrencies in a Big Way”

A quick scan through of the article clearly shows how disconnected the BBC’s journalists are from ground reality. For example, they claim that a number of young millennials are buying Bitcoin and other digital assets because they are being heavily influenced by their “friends and social media celebrities” who have amassed a decent amount of wealth via this non-traditional financial path.

However, the language used by the news outlet is soo dated that one has to wonder whether the writers over at the company have been living under a rock for the past 3-4 years. Given below is a perfect illustration of this:

“A heavily-promoted industry in cryptoassets has built up in recent years, with Bitcoin the most popular.”

The FCA Continues to Bash Crypto Despite Growing Investor Support

BBC’s aforementioned “research piece” is backed by data that has been sourced by the UK’s Financial Conduct Authority (FCA).

As many of our readers probably already know, the FCA is pretty much a redundant economic body that nobody really cares about in this day and age. This is highlighted by the fact that their latest “anti-crypto” report that claims to highlights the “dangers of digital currencies” has received just a single like on Twitter (at press time).

🗨️Christopher Woolard on our #cryptoassets consumer research https://t.co/ZjhzuyHa0K pic.twitter.com/QKETwHYxT3

— Financial Conduct Authority (@TheFCA) March 7, 2019

Lastly, it is also worth pointing out that despite just three percent of the British population having invested in crypto, the FCA is trying to paint a picture where the nation’s economy is under threat from this burgeoning asset class.

Final Take

In closing out this piece, it is worth pointing out that with each passing day, more and more middle class people are becoming enlightened as to what crypto really has to offer. This goes in direct opposition to the mainstream narrative that endlessly tries to say that Bitcoin and other top digital assets are only used by criminals and nefarious agents to launder money all over the world.

Lastly, a recent survey released by a respected media outlet found that nearly 1 in 100 people living in the UK who had not invested in cryptocurrencies said they would do so in the near future

It now remains to be seen how the future of this ever-evolving domain plays out from here on end.