The British publication Financial Times has issued a controversial apology to Bitcoin investors through its FT Alphaville blog. This comes as Bitcoin's price surged past $100,000 on December 5th, marking yet another milestone for the cryptocurrency that the publication has consistently criticized since 2011.
The Backhanded Apology That Sparked Outrage
FT Alphaville's apology article, framed as a "confessional marking Bitcoin's milestone," was accompanied by an editorial cartoon featuring a smiling mask with tears—a visual metaphor that many found disingenuous. Key statements from the piece include:
"If at any point over the past 14 years you chose not to buy something whose price was going up based on our reporting, we're sorry. Price going up is good."
"If you mistook our cynicism about crypto as support for traditional finance, we're sorry—we hate that too."
The blog maintained its critical stance even in this "apology," referring to Bitcoin as:
- A "negative-sum game"
- "Long-term inefficient" as a medium of exchange
- "Impaired" as a store of value
Community Reaction: From Mockery to Fury
The crypto community quickly recognized this as anything but a genuine mea culpa:
- X (Twitter) User @BitcoinBeliever: "This is the most passive-aggressive non-apology I've ever seen from financial media."
- Crypto Analyst ChainSleuth: "14 years of being spectacularly wrong, yet still incapable of humility—impressive."
- Investor SatoshiLite: "The mask artwork says it all: they're crying about being wrong, but still pretending to smile."
Historical Context: A 14-Year War Against Bitcoin
FT Alphaville's anti-Bitcoin stance began in June 2011 when Bitcoin traded at just $15.90. Their arguments have included:
- Creator Criticism: Attacking Satoshi Nakamoto's design, with one 2014 article comparing him to a "reckless" doctor overprescribing penicillin.
- Economic Objections: Claiming Bitcoin's fixed supply ignores economic cycles.
- Utility Denial: Framing price increases as "arbitrary hype metrics" unrelated to utility.
👉 How Bitcoin Defied All Skeptics
The Unrepentant Critics Club
Despite Bitcoin's rise, prominent figures continue their criticisms:
| Critic | Position | Infamous Prediction |
|---|---|---|
| Warren Buffett | Berkshire Hathaway CEO | "Bitcoin is rat poison squared" |
| Jamie Dimon | JPMorgan Chase CEO | "It's worse than tulip bulbs" |
| Peter Schiff | Euro Pacific Capital CEO | "Will never reach $10K" (2017) |
FAQ: Understanding the Bitcoin Skepticism Phenomenon
Q: Why do traditional finance outlets dislike Bitcoin?
A: Bitcoin challenges centralized financial systems and offers an alternative store of value outside traditional markets—a fundamental threat to established players.
Q: Has any major institution changed its Bitcoin stance?
A: Yes. BlackRock, Fidelity, and other Wall Street giants have launched Bitcoin ETFs after years of skepticism.
Q: What's the significance of $100K Bitcoin?
A: It represents a 6,000,000%+ gain since FT's first critical article—making it one of history's best-performing assets despite continuous naysaying.
👉 Bitcoin's Journey to Mainstream Adoption
Conclusion: The Market Has Spoken
While outlets like FT Alphaville continue their "crypto cynicism," Bitcoin's price action and adoption tell a different story. This episode serves as a stark reminder: in financial markets, being early isn't the same as being wrong—but being consistently wrong for 14 years certainly is.