UK Newspaper Takes a Stab at Bitcoin’s Supply, Makes Unfair Claims Ahead of 2020 Mining Halving
UK based newspaper, The Sun, published a piece called “DRY SUPPLY: Bitcoin supply is running out as 85% of ALL coins are now ‘mined’ – and experts say price could soar,” reports News BTC. Turns out that the writer, Henry Pettit made strong claims without backing them up; not to mention the fact that most appeared to hint to his lack of understanding of the market.
Given The Sun’s outreach, the fact that said arguments were made is definitely alarming. To put some numbers to this rather discomforting situation: a little under 10 million consumers buy a copy of the newspaper, with more than double visiting its website on the daily.
The first thing that The Sun argued in relation to Bitcoin’s limited supply is that
“Previous analyses have suggested that the coin’s value could jump as it becomes [scarcer] over time,”
sharing that the coin’s value could be worth $100,000 by March 2020. The latter, according to News BTC, was possibly derived from PlanB @100trillion USD, where Bitcoin’s path to $1 million was graphed.
At least the news outlet sees the likelihood of BTC’s value going upright? However, not too long after, Pettit writes:
“Others are less optimistic and argue that a recent value boom fed by Facebook’s announcement that it is creating its own cryptocurrency will taper off by 2020,”
with no mention of who these “others” are being referred to.
A wrongful statement that The Sun has since shared in its piece is that
“like any currency, there are a finite number of coins in order to stop its value from going down the toilet.”
This has been argued as being unintelligent, as examples of countries like Venezuela and Zimbabwe have been given in relation to issues related to hyperinflated native currencies.
News outlet CCN also reported on this matter, in which a tweet made by British businessman and cryptographer, Adam Back was shared. He seems to have questioned the popularity garnered by The Sun. In particular, his tweet read:
“For context, ‘The Sun’ is the most widely read UK newspaper. Somehow.”