Despite USD’s assault on stocks, commodities, and rival currencies, Bitcoin (BTC), holds steady at $19,000 to $20,000, leaving mainstream media with no choice but to make BTC the main story.
The New York Times, an American newspaper, highlighted Bitcoin’s 6.5% rise in the past seven days. It also noted that this had attracted the attention of both crypto bears and bulls. Fortune Magazine’s crypto section has also compared Bitcoin’s outstanding performance to assets such as the Japanese yen and Chinese yuan, along with the pound and euro.
Mainstream media outlets are now focusing on Bitcoin (BTC), as mainstream media outlets notice its steady performance in light of fiat currencies such as the euro and Great British Pound Sterling (GBP) falling short against the United States Dollar (USD).
Proactive, on the other hand, stated in its headline that it might be “time to place everything on Bitcoin.” The author, however, noted that institutional investors are keen to end the current crypto winter.
The Australian news site news.com.au highlighted experts who spoke positively about Bitcoin and blockchain’s potential uses. Experts even predicted that Bitcoin’s price would eventually reach a record high of $100,000.
Related: Crypto baffles mainstream media. But should blockchain advocates be concerned?
As the British pound fell to an all-time low against US dollars, Bitcoin’s small supply may give it an advantage over the pound. According to Porkopolis Economics finance website, the issuance rate for the pound has been at 11.2% per year since 1970. BTC’s rate is 1.7%. This means that BTC has a much lower supply of issuance, which could increase the gap between them.
The mainstream media has been focusing on more than just Bitcoin’s price. Mainstream media outlets focused on Ethereum’s recent transition to a Proof-of-Stake (PoS), consensus mechanism, earlier in September.
Eileen Wilson –Technology and Energy
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