Crypto investors, ranging from long-term die-hards to passive investors who have “bought a little bit of Bitcoin”, have had a tough start to the year. The prices of the flagship coins, Bitcoin and Ethereum, have plummeted, and there’s a distinct absence of meme style cryptos such as Shiba Inu now that Elon Musk has taken a break from tipping ‘the next big thing’.
Even worse, some cryptos, such as Squid, based on the globally popular Netflix show Squid Game was found to be a scam.
It’s always been hard to know where to find insightful and informed views on the prospects of the crypto market, but the challenge is getting more complicated thanks to some mainstream media sites getting involved.
Sites to Avoid When Searching for Crypto News
Some mainstream news sites appear to have enough of a grasp of the unique nature of the crypto markets to realise that not having too strong an opinion might not be a bad idea. Others have gone all-in on bringing crypto news to the masses, and, unfortunately, they over-extended their reporting.
Visitors to the UK’s most popular news site, the BBC, will quickly establish that crypto is not its strong point.
- Feb 2022 – heavily promoted BBC documentary The Crypto-Millionaire was pulled hours before broadcast when investigators from other agencies unearthed that the subject’s “charitable” crypto Orfano had collapsed in October, leaving investors out of pocket.
- Oct 2021 – BBC News fell heavily for the Squid crypto story. BBC articles on the subject reported on life-changing price rises in Squid and were promoted from the Business section of the platform to the News home page. That brought the scheme to a wider and more inexperienced audience. It had to be pulled when Squid was found out to be a Ponzi-scheme style scam.
The Problem With Mainstream News Channels Reporting on Crypto
Crypto pricing models factor in the chance that one of the coins might at some point become the world’s base currency. If that were to happen, the price of that coin would be exponentially higher than it is now, as everyone will switch out of fiat currency and into it, and laws of supply and demand would come into play. Whisper it, but the problem for crypto bulls is that the existing financial model isn’t necessarily doomed. Even if one of the hundreds of coins in the market were to take on that primary role, it’s not clear which one it would be, and some of the potential candidates haven’t even been invented yet.
Popular Crypto News Sites
Ground-level idea sharing by tech-orientated free thinkers is what brought crypto to prominence in the first place. With the debate still focussing on how the likes of Bitcoin can ‘take on the system,’ it appears news sources that tap into independent viewpoints may be more reliable than sites like the BBC. The following subreddits provide an introduction to those writing on the topic with first-hand experience: r/Bitcoin, r/Ethereum and r/Cryptocurrency.
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