- Bitcoin’s staying power is likened to a cockroach.
- The Economist banishes comparisons between Bitcoin and speculative manias.
- Bitcoin is gaining mainstream credibility.
2023 has been a rollercoaster ride of emotions for crypto enthusiasts. However, with Bitcoin trending higher once again, the Economist recently published an article likening Bitcoin’s stickability during the tough times to the survival skills of a cockroach, giving the leading cryptocurrency a backhanded compliment. The unexpected praise from the Economist signals an acknowledgment of the difficulties endured in recent times.
Bitcoin Keeps Trucking
The crypto industry has faced multiple challenges and difficulties in recent times. The Economist highlighted the legal wrangles involving former FTX CEO Sam Bankman-Fried and former Binance CEO Changpeng Zhao as key events expected to kill cryptocurrency. The US-led regulatory onslaught also added to the industry’s woes, leading to further expectations of wreck and ruin.
However, as noted by the Economist, Bitcoin has maintained its investor appeal as a “bet on a future” throughout all the difficulties. Moreover, the Economist often dismissed comparisons to short-lived manias such as tulip bulbs and Beanie Babies, further highlighting Bitcoin’s indestructibility.
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“Although bitcoin is a volatile asset, its price history looks more like a mountain range than a single peak and appears closely correlated with tech stocks,” stated the Economist.
The Economist’s praise for Bitcoin is a significant milestone for the cryptocurrency industry, which has long struggled to gain mainstream acceptance and credibility.
The Economist
The Economist is a British publication in circulation for over 175 years and boasts a weekly readership of over 5 million. The outlet is known for its in-depth coverage of international business, finance, and politics and is widely regarded as an influential voice in global affairs.
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Such is the outlet’s influence that some speculate the Economist’s cryptic covers, often filled with Easter eggs, are a form of predictive programming foreshadowing future events. Commenting on a 2022 cover, author H.K. Belvedere called it “spooky” while calling on readers to make up their minds about the message.
The cover displayed a control panel with a dial pointing to the pound, with other dial options being the yen, dollar, Bitcoin, and euro. The text “Regime Change” was prominently featured on the cover. Additionally, several warning indicators were nearing or already within the red danger zone.
On the Flipside
- Unlike other mainstream publications, the Economist does not take an openly hostile editorial stance against cryptocurrency.
- Bitcoin has remained the biggest cryptocurrency by market cap since its inception despite lacking the technological innovations of its rivals.
Why This Matters
The Economist’s unexpected praise for Bitcoin is a testament to its staying power and growing mainstream recognition. As more people adopt Bitcoin, they will be exposed to the many benefits of blockchain technology, including its peer-to-peer nature, transparency, and security.
Read about Bitcoin’s rollercoaster ride and how 2024 looks set for better days:
Bitcoin’s Impressive 2023 Recovery Sets Stage for Golden 2024
Find out more on Astar’s strong price performance here:
Astar Jumps 36% to Lead Top 100 as Market Corrects
