FT Alphaville, a daily commentary service by the “Financial Times,” faced backlash on X (formerly Twitter) after publishing a sardonic apology to Bitcoin enthusiasts on Dec. 5, coinciding with Bitcoin’s surge to $100,000.
The op-ed, authored by Bryce Elder, city editor of Alphaville, mockingly addressed those who refrained from investing in Bitcoin since FT’s first article on June 6, 2011, when the cryptocurrency traded at $15.90.
“We’re sorry if our coverage over the past 14 years influenced you not to buy something whose value has risen. It’s nice when your number goes up,” Elder wrote, adding.
We’re sorry if our crypto skepticism was mistaken for support of traditional finance (tradfi), because we’re not fans of that either.
Since 2011, FT Alphaville has consistently criticized Bitcoin, labeling it a “negative-sum game,” “chronically inefficient” as a currency, and “compromised” as a store of value. Elder reiterated that Alphaville stands by its previous critiques, describing Bitcoin’s price as an “arbitrary hype gauge” disconnected from the utility.
The “apology” drew sharp criticism from the crypto community, with some users calling it a “Cope-Pology” and others branding it a “faux apology.” One commenter remarked, “Imagine being so wrong and still showing no humility.”
FT Alphaville’s critiques have extended to Bitcoin’s pseudonymous creator, Satoshi Nakamoto, with comparisons to a “reckless” doctor. Mark Williams, a former U.S. Federal Reserve risk examiner, argued in 2014 that Bitcoin’s supply model neglects economic cycles, likening it to a doctor prescribing penicillin indiscriminately.
Even as Bitcoin reached $100,000, it continues to attract notable detractors, including Warren Buffett, Jamie Dimon, and Peter Schiff, all of whom incorrectly predicted in 2019 that Bitcoin would never reach this milestone.
