Mainstream media sentiment shifts in favor of Bitcoin amid fiat currency woes

While the USD has led an attack on stocks, commodities and its rival currencies, BTC is holding steady between $19,000 and $20,000, leaving the media with no choice but to put BTC in the headlines.

US newspaper The New York Times highlighted BTC’s 6.5% rise in the past seven days, noting that this had caught the attention of crypto bulls and bears. Meanwhile, crypto outlet Fortune Magazine has also compared Bitcoin’s outstanding performance to other assets such as the Japanese yen, Chinese yuan and gold, apart from the euro and the pound.

As fiat currencies such as the Euro and the Great British Pound fail to hold up against the US Dollar (USD), mainstream media outlets have begun to put Bitcoin (BTC) in the spotlight for its consistent performance .


On the other hand, media outlet Proactive mentioned in its headline that it may be “time to go all in on Bitcoin.” Despite considering the headline as sarcasm within the content of the article, the author emphasized that most institutional investors are looking to end the current crypto winter.

Meanwhile, Australian news website has highlighted experts who speak positively about Bitcoin and blockchain use cases. Some experts even predicted that the price of BTC could reach a new all-time high of $100,000.

Related: Crypto baffles the mainstream media, but should blockchain advocates be concerned?

Meanwhile, as the British pound hit a new all-time low against the US dollar, Bitcoin’s limited supply could give it an edge against the pound. According to financial site Porkopolis Economics, the pound’s issuance rate has been 11.2% per year since 1970, while BTC has a rate of 1.7%. This gives BTC a significantly smaller supply issue and this could widen the gap between the two currencies.

The price of Bitcoin is not the only cryptocurrency that has recently come into the mainstream media spotlight. In early September, mainstream media also turned their sights on Ethereum and its recent transition to a proof-of-stake (PoS) consensus mechanism.