The Financial Times’ Alphaville column received flak for posting a snarky “apology” to Bitcoin fans following the cryptocurrency’s record ascent to $100,000. City editor Bryce Elder’s op-ed struck a disdainful tone with many in the crypto world, exacerbating the split between traditional financial media and Bitcoin supporters.
The article acknowledged Bitcoin’s rapid rise but stopped short of real apologies. Instead, it sarcastically apologized to readers who may have chosen not to invest in Bitcoin due to the publication’s constant skepticism since 2011, when Bitcoin was only $15.90.
Elder echoed the Financial Times’ criticisms, calling Bitcoin a “negative-sum game,” “chronically inefficient” as a payment system, and “compromised” as a store of wealth. He argued that the price of Bitcoin remains detached from any real utility, likening it to a hype-driven metric lacking substance.
However, the apologies also targeted traditional banking, distancing themselves from any impression that their crypto-cynicism signified support for the traditional financial system. This dual critique failed to win over critics, who saw the piece as a half-hearted attempt to remedy years of negative coverage.
The response from the crypto community was swift and sharp. Many referred to the apology as a “faux apology” or “Cope-pology,” accusing the newspaper of failing to recognize its mistakes with humility. Others noted that the Financial Times’ stance has long undermined Bitcoin’s potential, even as the cryptocurrency gains widespread recognition.
Bitcoin’s meteoric rise has frequently been met with skepticism, not only by the Financial Times but also from prominent skeptics like Warren Buffett, Jamie Dimon, and Peter Schiff. Despite predictions that Bitcoin would fail to achieve important milestones, it has continued to defy expectations, cementing its place in the financial scene. While the Financial Times persists in its criticisms, Bitcoin’s success has compelled even its staunchest adversaries to accept the digital asset’s growing power. Whether the sarcastic apology was an admission of past mistakes or merely another critique disguised, it revived the discussion about Bitcoin’s role in the financial sector.
