Bloomberg has a dedicated team on crypto reporters. All of which have come from traditional financial markets and other beats – in the hopes to cover a hot market as it hit all-time highs late last year. Maybe that’s why their coverage of the industry, Bitcoin price fluctuations, or what old and irrelevant ‘paragons of fiat currency’ like Jamie Dimon and Warren Buffet think about the digital asset movement.
The terminal services coverage of the crypto bear market sounds like a sad replay of since embarrassed early internet era detractors. All manner of doubters decried the ‘any time now’ death of Amazon, Priceline, Ebay, PayPal, Google, and others. It is downright embarrassing – and we wonder who is approving this mindless drivel.
Take a look at this passage from today’s post about Jamie Dimon and Warren Buffet being ‘vindicated’ with $BTC hovering around $4k (which, as of this print it is actually at $4.5k) :
“The cryptocurrency experts, who clearly didn’t see this coming, are blaming all sorts of temporary culprits — from jittery markets to “hard forks” (blockchain jargon for radical technical changes in a digital currency). But they’re kidding themselves. This is a long-term unraveling of all of the lies, exaggeration and populist fantasies that drove last year’s market mania.”
**We aren’t going to provide a link back to the article, because it is hot garbage and unfit for the eyes. And as far as the above quote “…all of the lies, exaggeration and populist fantasies…” FU** YOU!
Here is another maddening passage from an article just yesterday (they seem to be churning these out at an alarming clip) :
“In September 2017, the JPMorgan Chase & Co. chief executive officer famously called Bitcoin a “fraud” and threatened to fire any employee caught trading it. While the cryptocurrency briefly fell on his remarks, it went on to rally more than fourfold in three months as crypto-mania swept the globe. Dimon became a favorite punching bag for Bitcoin bulls, even after saying later that he regretted the comments and that he believes in the digital asset’s underlying blockchain technology.”
“These days, Dimon’s Bitcoin pessimism is looking more prescient. After tumbling as much as 78 percent from its peak, the cryptocurrency has returned to its level on the day the billionaire banker issued his warning last year. Many of Bitcoin’s peers have sunk even further, with the market value of all virtual currencies tracked by CoinMarketCap.com tumbling almost $700 billion from an all-time high in January.”
Again, we aren’t going to link the article because it is three lazy paragraphs of Jamie Dimon worship and click-bait.
**A word about the term ‘click-bait and why we hate the term. Every media entity in the world engages in click-bait. Two decades ago it was called a headline. Click-bait as a dog whistle is stupid. Welcome to 2018, almost 2019.**
These articles are an embarrassment to a media organization that can clearly afford better and more informed contributors and copy. It is offensive and that is why we are calling them out.
Engaging in the mockery of a community dedicated to technology, finance, and engineering to create the next ‘super asset class’ is debased and beneath them. Do better Bloomberg, do better.
UPDATE: And the coverage has only worsened in the last 48 hours. Bloomberg is producing headlines that are both misleading and seems to be pushing some sort of fiat narrative. Again we ask, who is allowing this stuff to make it to print?
Here is the latest on their SEC Chairman Jay Clayton’s comments on Bitcoin ETF proposals;
“The head of the Securities and Exchange Commission said Tuesday that concern over a lack of investor protections makes it unlikely that his agency will approve a Bitcoin exchange-traded fund anytime soon.”
Actually, no. The commentary by Clayton was neutral at worst and contemplative at best. The last thing you could say about it was some sort of definitive word on the death of current Bitcoin ETF proposals.