- British mainstream media outlets all raced to report on Bitcoin hitting $17,000 on Tuesday
- A large number of outlets reported on the price action on the same day, although the tone was still one of surprise and skepticism
- U.S. papers barely covered the move at all
One of the most noticeable factors in Bitcoin’s recent run, which has seen it approaching all-time highs, has been the complete lack of attention in the mainstream media. Obviously with a certain virus and a certain election Bitcoin has hardly been at the top of the news agenda, but after glorifying in its crash to $3,850 in March, coverage of its recovery has been all but non-existent. This has started to change this week, with a glut of coverage in the British mainstream media as Bitcoin hit $17,000, showing that late is certainly better than never.
British Press Suddenly Wakes Up at $17,000
Following Bitcoin’s collapse in 2017 and the concurrent lack of interest from the mainstream media it was always going to be interesting to see when the national media would once again pick up on it. That points seemed, after two and a half years, to finally have arrived on Tuesday:
The sudden rush to report on Bitcoin’s recovery may have been prompted by a Bloomberg report that noted how “on one is talking about” Bitcoin’s resurgence, with the UK press quick to speak to contacts they hadn’t spoken to since 2017 to check if they were still alive.
Mainstream Media Takes Neutral Tone
What was interesting to note was the tone taken by the mainstream media outlets that had been so dismissive of Bitcoin since the last bubble. The Guardian, who have previously delighted in telling readers why hackers and neo-Nazis love Bitcoin (which means you must be one too, reader), admitted through gritted teeth that “a growing number of investors backed it as an alternative to other assets” and that better custodial solutions and reduced Bitcoin-related crime was “giving investors a greater sense of security.”
Ouch, that must have hurt.
It was a real throwback to 2017 to read bullish Bitcoin predictions in the mainstream media once again, alongside the complete absence of intelligent, coherent reasoning as to why Bitcoin had recovered. One example of this was The Telegraph who adopted the scattergun approach to reasons for the move, stating that it was down to “validation from payments giant Paypal, the election of the first ever Bitcoin-supporting Senator and a report claiming it will hit highs of $381,000 per coin as soon as 2021.”
Interestingly, U.S. papers didn’t follow suit, with little to no mention of Bitcoin’s recovery in the American mainstream media, suggesting that Bitcoin still has a way to go before it enjoys its new $10,000 moment.