Big Win for Bitcoiners: Financial Times Says Sorry

The History Behind Financial Times Tiff with Bitcoin Explained

Financial Times Issues a Snarky “Apology” to Bitcoiners as BTC Hits $100K Milestone

In a twist of irony, FT Alphaville, the Financial Times' commentary platform, issued what many are calling a “faux apology” to Bitcoin enthusiasts after more than a decade of skepticism, just as Bitcoin (BTC) surged to an all-time high of $100,000 on Dec. 5.

The op-ed, penned by FT Alphaville’s city editor Bryce Elder, dropped on the same day Bitcoin’s historic price rally dominated headlines. At the time of writing, Bitcoin is priced around $97,980.21. 

It referenced FT’s first Bitcoin critique from June 6, 2011, when BTC was trading at a humble $15.90. The tone? A sarcastic “sorry, not sorry” directed at those who chose to heed FT’s cautionary tales instead of investing in the cryptocurrency.

We’re sorry if at any moment in the past 14 years you chose based on our coverage not to buy a thing whose number has gone up. It’s nice when your number goes up,” Elder quipped, addressing the digital asset's meteoric rise.

“We’re sorry if you misunderstood our crypto cynicism to be a declaration of support for tradfi, because we hate that too.”

However, FT Alphaville wasn’t about to let bygones be bygones. Elder reiterated the publication’s long-held view of Bitcoin as a “negative-sum game,” inefficient as a means of exchange, and unreliable as a store of value. He further dismissed Bitcoin’s price as an “arbitrary hype gauge disconnected from any utility.”

The crypto community wasn’t impressed. Many took to X (formerly Twitter) to lambast the piece, dubbing it a “Cope-Pology” and a bitter acknowledgment of Bitcoin’s resilience. One commenter derided the op-ed as a “faux apology,” capturing the general sentiment among Bitcoin believers.

A History of Crypto Cynicism

FT Alphaville has made its anti-Bitcoin stance abundantly clear over the years. In 2014, the pseudonymous Bitcoin creator, Satoshi Nakamoto, was likened to a “reckless” doctor by Mark Williams, a former Federal Reserve risk examiner. Williams criticized Bitcoin’s fixed supply schedule, claiming it failed to account for economic fluctuations.

“It ignores the ebbs and flow of economic cycles – a reckless approach that is the equivalent of a doctor giving penicillin to every patient without first checking whether they are suffering from infection, depression or mania,” Williams argued.

Despite Elder’s insistence that FT Alphaville “stands by every single one of those posts,” the timing of the op-ed only fueled the crypto community’s disdain.

The Critics Who Got It Wrong

Bitcoin’s rally to six figures has silenced, albeit temporarily, some of its staunchest critics. The likes of Warren Buffett, JPMorgan’s Jamie Dimon, and financial commentator Peter Schiff, all of whom dismissed Bitcoin’s potential to hit $100K, now face the growing chorus of “I told you so” from Bitcoiners.

The op-ed’s publication comes at a time when crypto-related searches are soaring, with queries like “Bitcoin hits $100K,” “Bitcoin price prediction,” and “crypto milestones 2024” dominating search engines.

As Bitcoin continues its ascent, the Financial Times’ attempt to salvage its anti-Bitcoin narrative may well become part of crypto lore—another chapter in the long-standing rivalry between traditional finance and the decentralized future it never saw coming.