Bloomberg Former Editor-In-Chief Bashes Bitcoin (BTC)
Amid 2018’s tumult and market downturn, Matt Winkler, the former editor-in-chief at Bloomberg News, recently cut out some time to speak with the outlet’s Emily Chang to discuss cryptocurrencies and Bitcoin (BTC).
— Bloomberg TV (@BloombergTV) December 14, 2018
Speaking with the outlet’s anchor in a short interview, Winkler, a world-renowned reporter in the business realm, first explained that Dotcom startups were valued by their cash earnings, a questionable indicator in the eyes of fundamentalists. With the essential second coming of the Dotcom Bubble in Bitcoin, the Bloomberg reporter explained that it’s hard to value cryptocurrencies by their “intrinsic worth,” adding that commentators do “mental gymnastics” to come up with target prices for this nascent asset class.
Winkler added that “even Warren Buffet” has lambasted cryptos, like Bitcoin, as assets that do not have actual value — failing to recognize that many believe that cryptocurrencies and related technologies have untapped potential and upside.
When asked about if BTC could see a recovery, Winkler responded with caution, stating:
I’m not clairvoyant and I think that this answer is way above my pay-grade. What I can do as an observer, newsman is to look at this and say what justifies its valuation which we see in the marketplace. And when it’s difficult to find the answers, you ought to be pretty cautious.
In closing, responding how countless centralists have in recent days, the member of Bloomberg top brass noted that while he’s cynical of cryptocurrencies, he sees value and innovation with decentralized ledger technologies.
Bloomberg Bashed As Crypto “FUDders”
And interestingly, Winkler isn’t the only Bloomberg-affiliated journalist or reporter that has been lambasted by crypto’s community. In recent days, there has been an uprising (of sorts) on Crypto Twitter, whereas this nascent industry’s leading participants, including Mike Dudas, pseudonymous analyst “I Am Nomad,” and Armin Van Bitcoin, have bashed the prominent outlet’s coverage of Bitcoin and related technologies.
Notable fintech entrepreneur Mike Dudas, who currently acts as the founder and CEO of The Block, drew attention to Bloomberg’s most recent piece on Bitcoin being a bubble, one of the first in a line of many.
Bloomberg runs Bitcoin bubble piece for 300th consecutive day… https://t.co/DwSTywPlHc
— Mike Dudas (@mdudas) December 11, 2018
I Am Nomad, known for both his industry skepticism and optimism, exclaimed that the New York-headquartered outlet has been “rifling” out the crypto “op-ed FUD,” questioning if the propagation of such negative press could be done “on purpose.”
Armin Van Bitcoin, a prominent advocate of his nickname-sake from Canada, quipped that Bloomberg journalists essentially believe that global debt isn’t a concern, centralized parties should control monetary supply, “Ethereum is the next Bitcoin,” and we don’t need the flagship crypto asset, as it’s purportedly dead.
My friends say
– global debt doesn’t matter
– we need the govt to control money
– ethereum is the next #bitcoin
– we don’t need bitcoin
– bitcoin is dead
I told them to apply for journalist positions at Bloomberg. They’ll get hired instantly. 😐🍻
— A v B ⚡ (@ArminVanBitcoin) December 14, 2018
The Crypto Fam, who also claimed that the site’s coverage of Bitcoin has been shoddy, noted that employees are paid to “‘move markets’, a practice that lends itself to sensationalism and hyperbole.” The account, which represents a community of crypto enthusiasts, cited a Business Insider expose on Bloomberg’s potentially questionable and immoral practices to back their claim.
Others recently bashed Bloomberg’s anti-crypto ATM piece, with trader “Needacoin” and journalist Joseph Young both noting that automated tellers that “dispense” BTC are far from mediums of money laundering, as there are measures in place (transaction limits, CCTV, etc.) that prevent such heinous acts.
No matter the form that the criticism took, it is becoming apparent that crypto’s most prominent participants have taken issue with Bloomberg, as some fear that the organization is in bed with centralized financial institutions — who would stop at nothing to see Bitcoin fade to dust.
Still, @crypto, as Bloomberg News’ crypto branch goes on Twitter, has seemed hell-bent on pushing on content pertaining to this decade-old asset class. And seeing the influence that media has over society today, some wouldn’t be surprised if criticism continues to fly crypto’s way.
Title Image Courtesy of Icons8 Team On Unsplash