Financial Times is a renowned business news publication that has been trusted for several years globally to give a practical analysis of business and business decisions. The relationship between the Financial Times and Bitcoin has not been a smooth sailing one since the publication has a strong preference for the traditional banking system. When Bitcoin came to be, a lot of Ponzi schemes were on the internet, promising unrealistic financial gains.
The 132-year-old publication is seemingly warming up to cryptocurrencies, despite years of warning it gave out concerning the digital asset. The change of heart happened mainly due to the rise in institutional monies flooding the crypto space. The Newspaper publication cannot hide the fact that the digital asset has fought all odds to remain relevant.
How Financial Time’s Bitcoin criticism came to be
About nine years ago, the popular publication first had contact with one of the fintech pioneering startups. Naturally, Financial Times writes for people and businesses who are primarily users of the banking sector, who couldn’t have imagined the feasibility of cryptocurrency.
When the young Fintech company started gaining some influence and with a vision of creating sole autonomy over one’s money, Financial Times would not support any of their claims. In fact, the publication criticized the vision of creating quasi-money. Many people did not believe in the Fintech firm’s mission. The old newspaper called the digital asset tech a Ponzi scheme which discouraged many people from investing.
After the creation of Bitcoin and its gradual growth and popularity amongst the people, it started getting some major investors who were willing to explore the tech. The business newspaper was still adamant with its rigid stance on crypto. The paper was not willing to learn about the industry or get to know more about blockchain technology before dismissing it as a scam.
Interestingly, some big firms that also scorned Bitcoin, making the majority of Financial Times target audience, started investing institutional money into the asset. The institutional investors have given crypto a better outlook than it has ever seen. The newspaper even claimed that this year, the currency went institutional and could now be seen as an asset class.
Financial Time’s Bitcoin acceptance changed how investors see Bitcoin
The well-known newspaper did not willingly accept cryptocurrency. It was instigated by the heavy investments going into the technology. It explained through one of its publications that Bitcoin cannot go back to zero, based on its link to something profound.
Financial Times admitted that the crypto has no guarantor to help it remain valuable, yet it still cannot drastically drop in value. The rapid change of heart is unexpected as the newspaper did not at a point refer to the currency as having a possibility of being a scam.
It noted that the new monies going into the technology means something, especially when people are running away from fiat currency. The publication also mentions MicroStrategy, which has been making numerous crypto investments non-stop since this year. It’s exciting that traditional banking publications like Financial Times are forced to accept the realities of modern times.