Key Takeaways
- FT Alphaville issued a sarcastic apology after Bitcoin hit $100K.
- The Financial Times has criticized Bitcoin since 2011.
- Bitcoin supporters labeled the apology as a 'faux apology'.
The Financial Times’ Alphaville section published a tongue-in-cheek “apology” on December 5 after Bitcoin’s price breached $100,000. The op-ed, written by city editor Bryce Elder, mocked Bitcoin supporters while reiterating the publication’s longstanding criticism of the asset.
Elder wrote:
We’re sorry if at any moment in the past 14 years you chose based on our coverage not to buy a thing whose number has gone up. We stand by every single one of those posts.
Bitcoin was priced at $15.90 when FT published its first Bitcoin article on June 6, 2011.
Bitcoin criticism continues
FT Alphaville has consistently labeled Bitcoin a “negative-sum game,” citing its inefficiency as a means of exchange and its volatility as a store of value.
Elder described Bitcoin’s price as:
… a hype gauge disconnected from any utility.
The Bitcoin community dismissed the op-ed as a “faux apology” and criticized its lack of humility. One user on X (formerly Twitter) called it a “Cope-Pology.”
Historical critiques resurfaced
FT Alphaville’s past critiques include comparisons of Bitcoin’s design to irresponsible medical prescriptions. Mark Williams, a former Federal Reserve risk examiner, argued in 2014 that Bitcoin’s supply schedule ignored economic cycles, likening its creator, Satoshi Nakamoto, to a “reckless doctor.”
Despite this, Bitcoin surpassed $100,000, challenging predictions from critics like Warren Buffett and Jamie Dimon.
