It’s no surprise to anyone that many traditional financial publications and so-called finance gurus are not big fans of Bitcoin. In just the past year or so, we’ve seen Berkshire Hathaway giants Warren Buffett and Charlie Munger continue to criticize cryptocurrency. Then there are the numerous news publications that have chimed in to chastise anyone who might be the slightest bit interested in joining the BTC revolution. As a whole, the fourth estate has not gone easy on Bitcoin. Jubilantly reporting bear markets and crypto winters, traditional media does not tend to weigh in favorably on the topic of crypto. This is why recent reports have been all the more surprising.
Financial Times reported on Bitcoin—and instead of mentioning the plummeting prices last year, the newspaper reported that Bitcoin was actually a better store of value than the Argentine peso. Even taking into account the volatility of the past few years, the newspaper wrote, investors would have been safer converting their funds to Bitcoin as opposed to putting them in Argentine banks. Now, it is worth noting that this does not apply to all currencies. The American dollar, the yen, and the Euro are all still more solid choices than BTC when it comes to a store of value. But the publication’s assertions are sure to have an impact in the world of finance. This seems to be one of the first times that they are turning their backs on fiat currency and making a statement that crypto is here to stay—and may even be a safer bet than many would have you believe.
Indeed, the past few weeks have been a heady time for crypto. With BTC futures booming—and with more institutions willing to dip their toes in and create crypto departments—we may be seeing a fundamental shift in the way the world exchanges funds. During the crypto winter, as it were, many blockchain groups have been focusing on infrastructure, improving their products so they will pass muster with traditional organizations and regulatory entities. Meanwhile, financial groups have also been reaching out to see what they can do in order to make crypto a reality for their businesses. Even amid all of the fluctuations, many clients want to see crypto in their portfolios and believe it is the future. If the Financial Times report is any indication, we may be one step closer.
