I was looking through the current news cycle on crypto tanking and something I always somewhat noticed became all the more clear to me. Most established media outlets and investment companies think we are morons. This doesn’t mean they won’t try and cash in on crypto, just that they think they are smarter than people who actually believe in it.
Just a couple of the headlines that I came across:
From Barron’s- Warning to Crypto Traders: You’re Not a Trillionaire Until You Exit Your Position
(Thank you, Barron’s, for the update. I am sure all crypto investors were not aware that their positions might fluctuate and just missed the fact that it is a volatile product.)
From Financial Times- Monero Emerges As Crypto Of Choice For Cybercriminals
(Now, if this was a hard hitting piece where the FT had uncovered something that wasn’t commonly know, I would not put this headline in this article. Since this is just reporting a known fact, though, it is only an example of a financial publication trying to scare people into staying away from crypto. In fact, the article actually says towards the end why criminals won’t use Monero in the future, but, all that matters is they got "Crypto" and "Criminal" both in headline.
From CNN- Bitcoin Plunges Below $30,000
(This is just one of the thousands of articles almost giddy at the current fact that crypto is tanking. I am here to say this one is condescending for the simple fact that it is a snapshot of a downturn. We can pick any investment out there and point to a period of correction (or whatever you want to call it.) I get that any tanking stock would warrant some time from these publications, but, these articles are not pointing out that crypto is still up 250% in the last year. Just for comparison, the Nasdaq is up only 40%.)
From Mint- Income Earned Via Cryptocurrency Must Be Disclosed
(If these articles were about the details of a given government's tax system and actually spread helpful information, I would not have an issue with them. This is not the case, most of these articles are just saying, “Hey kids, you have to pay taxes.” We are well aware of this. Almost anyone not paying taxes on their gains is doing so on purpose, and that is another issue and probably one worth an actual article from these publications.)
Tomato Times- Why You Should You Buy Crypto Without Wearing Pants
(Ok, I made this one up.)
I guess this is why we are all here instead of paying attention to CNN.
Resources
https://www.ft.com/content/13fb66ed-b4e2-4f5f-926a-7d34dc40d8b6
https://www.cnn.com/2021/06/22/investing/china-crypto-crackdown-intl-hnk/index.html