- The mainstream media has barely covered Bitcoin’s rise to $14,000 this year
- The crash to $3,850 in March was gleefully reported, but not the rapid recovery
- Bitcoin will likely have to hit all-time highs before mainstream media coverage returns
When Bitcoin first crossed $10,000 on November 29, 2017, the mainstream media couldn’t get enough of it. Up until that point Bitcoin had been on a year-long upwards curve, but the sudden bout of exposure it got from the mainstream media led to a rush of new capital that ushered in a 100% move within 18 days. With Bitcoin having now been above $10,000 for a record length of time, it’s clear that this figure no longer garners the same amount of attention as it did first time round. What then will be the new $10,000 that spurs the mainstream media’s interest again?
Mainstream Media Prefers a Crash to a Run
The coronavirus may have been garnering all the headlines in 2020, but Bitcoin’s price action this year has managed to cut through at times. Most notably, this was when it crashed 51% in March which Bitcoin’s critics lapped up, but their coverage of its startling recovery has been less than complete.
Bitcoin’s critics in the mainstream media are less disposed to covering its positive performance over its negative, which is why this weekend’s topping of last year’s $14,000 yearly high has barely got a mention.
All Time Highs Needed
With this being the case, it’s seeming more and more likely that Bitcoin will have to surpass its all-time highs of $20,000 before major news companies pick up on that fact that it’s not the dead asset they claimed it was back in 2017 when it topped out.
Thankfully Bitcoin is well on its way to doing that, maybe even as early as Q1 of next year, the coverage of which by mainstream media groups will once more encourage a whole wave of new investment into the cryptocurrency sector, potentially allowing us to see far higher returns as the year progresses.