You may have seen people say this time is different than 2017. This means that the pump that is happening is not the same as the pump that happened back then. I don't know if it will be different or if we will follow a different rise and crash cycle like we did back then. But what I can tell you is there is one difference this time around and that is the media coverage has shifted.
I came across this tweet about a New York Times article that is talking about Bitcoin has returned and this time there is less bubble talk. This got me thinking that the mood really is different this time around and the news you are reading is a lot more positive during this run. There is still some comments and posts from people who think it has no intrinsic value or it has no use but the large names on the other side writing about it as a serious investment (instead of a novelty) is something I don't remember back in 2017. There seems to be less of a feeling of it's a fad this time around.
Bitcoin Twitter And Big Name Investors
First we will start with Bitcoin Twitter and the overall positive sentiment that is on there. I'm seeing tweets about Bitcoin that are getting a lot of love. You have the CEO of Microstragety tweeting about buying Bitcoin and why it is the future of money. It is not only the people who are buying Bitcoin but the people who are talking about Bitcoin and the kind of attention that is getting.
Next you have coverage from the media which has taken a more serious tone when it comes to Bitcoin reporting. Back in 2017 there was a lot of what is this and why is it so high? There is still a sense of unfamiliarity when reporters talk about it but there is a lot more talk of it as an investment
Let's go over a few examples over the last couple of days from media sites that are not cryptocurrency media sites.
Edward Moya, a senior market analyst at Oanda, a foreign exchange company, said: “Bitcoin and all the major altcoins are rallying strongly, and it seems the momentum trade is strengthening as mass media outlets embrace crypto coverage.”
This piece talks about the price of the coin but also has this quote which is talking about mass media is starting to embrace crypto coverage. Always good to find a quote that backs up your theory :p. You not only have media talking about Bitcoin but media talking about how media is covering Bitcoin.
The New York Times:
“It’s a very different set of people who are buying Bitcoin recently,” said Philip Gradwell, the chief economist at Chainalysis, which analyzes the movement of cryptocurrencies. “They are doing it in steadier amounts over sustained periods of time, and they are taking it off exchanges and holding it as an investment
The title says it all for this one. The change of tone is more focused on how Bitcoin is doing and where it is going as an investment this time around instead of when with this bubble burst.
You are seeing big institutional buys with Bitcoin this time around. There was that Microstragety investment of $250 million dollars and that recent investment of $500 million dollars just last weekend. These are big names with a lot of money who are backing Bitcoin this time around.
The list of articles that are coming out is growing and as you can tell by the names in the articles Bitcoin is being treated a lot different than it was in 2017.
When you do a search of news you will see big names writing articles about Bitcoin such as BNN, The Wall Street Journal and CNBC. It is becoming a part of the world of financial news and is no longer a niche market that only the community of bitcoiners really cared about.
It is not only who is covering Bitcoin but how little negative press I'm seeing this time around as well. Doing a search for Bitcoin I have not seen any articles about how it is a fad, or articles talking about how it was a fad and things are different this time around.
I'm not saying there is a full embracing of digital currencies and there is a long way to go before that happens but this time does feel different when it comes to news and sentiment. Maybe the run in 2017 was a primer for this year or maybe after Bitcoin has proven that it can climb back to ATH that is was not just a bubble that came and went. But you cannot deny the tone has definitely shifted
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