Bitcoin & the Media: could things start to change in 2021?

Quick take

1 minute read

• Bitcoin and the media have had a rough history over the years. 

• Anyone can see it, mainstream media hasn’t been the kindest to cryptocurrency.

Bitcoin and the media have had a rough history over the years. Anyone can see it, mainstream media hasn’t been the kindest to the leading cryptocurrency since it was created over 10 years ago.

This week though, things might spark a change. Newsweek has been discussing Bitcoin in a recent article in a positive light. The article questions whether the asset is able to become the new gold standard.

This is interesting for a number of reasons. Not only has the media had harsh words to say on the asset in the past but as one of the biggest weekly news magazines in America talking about Bitcoin in a positive way, it could be a sign of things to come for the relationship between the asset and mainstream media outlets.

In particular, the article looks into the digital gold story using the latest model from JP Morgan Chase which indicates the potential of Bitcoin hitting $146,000.

In a research report, the article highlights JP Morgan said:

"Bitcoin's competition with gold has already started in our mind, as evidenced by the more than $3 billion of inflows into the Grayscale Bitcoin Trust and the more than $7 billion of outflows from gold (exchange-traded funds) since mid-October."

The author, Scott Reeves said:

“All that glitters is not gold—but it might be Bitcoin.”

As all of this goes on, more investors are flooding into the market as a sharp rise in active addresses has been highlighted.

Bitcoin adoption could see new highs throughout 2021 and it will certainly be a topic worth following.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.