The Financial Times' editorial team has issued an unprecedented apology to Bitcoin holders, marking a pivotal moment in mainstream media's relationship with cryptocurrency. In a striking editorial piece titled "Hodlers: an apology," FT Alphaville's Bryce Elder addressed the publication's long-standing skepticism toward Bitcoin.
While maintaining their analytical stance on crypto's fundamentals, the FT acknowledged the significant milestone of Bitcoin crossing $100,000. The apology, though tinged with characteristic FT wit, represents a notable shift in the traditional financial media landscape.
"We're sorry if at any moment in the past 14 years you chose based on our coverage not to buy a thing whose number has gone up," Elder wrote, offering a nuanced acknowledgment to those who might have been discouraged by FT's critical coverage since 2011.
This development signals a complex evolution in the relationship between traditional financial media and digital assets, though the FT maintains its analytical rigor regarding cryptocurrency's underlying mechanisms and market dynamics.
The timing of this acknowledgment coincides with Bitcoin reaching unprecedented price levels, forcing even longtime skeptics to reassess their positions in the evolving financial landscape.
Among the most prestigious business news organizations in the world, the Financial Times (FT) has been publishing its signature salmon-pink newsprint since its founding in 1888. Since its 2015 acquisition from Pearson for £844 million by Nikkei Inc., the FT has maintained its status as a reliable source of global business, financial, economic, and political news.
With over 700 journalists covering the globe and over 1 million subscribers across print and digital platforms, this publication is undeniably one of the most influential financial publications on a global scale.
The FT has been accused of occasional political bias and has been criticized for its paywall strategy, although it has kept a relatively scandal-free reputation in comparison to other major news outlets. A disagreement arose in 2011 over the way it reported on HSBC's tax evasion schemes, and the publication has since been criticized for what some see as a lenient attitude toward China's corporate practices. The publication continues to uphold its high editorial standards in spite of these challenges. It is highly esteemed in financial hubs such as London, New York, and Hong Kong, where it has a significant impact on government and business decision-makers.