Tuesday, July 14, 2020

NYTimes and Gizmodo Attack Bitcoin, Coinbase’s President Responds

Media outlets are primarily focused on the latest events around the world, but occasionally, one or two may air their own views. New York Times would fit in nicely with the description above after having more than two things to say about Bitcoin. On the other hand, Asiff Hirji, Coinbase’s president did not let their remarks slide.

NYTimes Says Institutional Investors’ Interest Have Waned

In a report titled, “Amid Bitcoin Uncertainty, ‘the Smart Money Knows That Crypto Is Not Ready’”, New York Times stated that institutional investors are not yet ready to take a leap into the crypto market. According to them, their waning interest coupled with regulations has led to the stagnancy of projects which were going to be launched by Bakkt and CBOE.

The media further outlined that cryptocurrency enthusiasts do not still believe that these problems are a “death blow for Bitcoin and the technology it introduced.” Many are also of the opinion that even though it is the cryptocurrency winter, Bitcoin is still worth four times its highest price in 2013. However, few practical ambitions for Bitcoin and other virtual assets have been fulfilled, they added.

Regulators are Reluctant to Approve Exchanges to Hold Bitcoin for Investors

NYTimes also said while regulators may be quick to approve Bitcoin futures which help to predict the price of the asset, they are reluctant to approve exchanges that hold Bitcoin or products that are linked to Bitcoin. Moreover, the Chicago Board Options Exchange (CBOE) revealed it will discontinue issuing Bitcoin future contracts which can be blamed on Investors’ low-level interest in futures contracts.

There was more from where that came from:

Even if the authorities are able to get comfortable with the security arrangements at Bitcoin exchanges, there is the question of what application Bitcoin and other digital tokens might have outside of speculation… And other applications for Bitcoin, like using it to pay for things online, have not taken off.

Coinbase’s President Makes Comments

Asiff Hirji, who tweeted the post said it is an irony that these statements have been made on the day Bitcoin spiked to $5,000.

The COO further noted that cryptocurrency is more than ready and the smart money is already in the sphere. Hirji pointed out an instance of this by saying:

Coinbase offers a scale, insured, Qualified Custodian; the deepest compliant pool of liquidity and agency-only execution (we do not trade against our clients)

NYTimes’ opinion is not the first of its kind, and many more can be expected. Gizmodo, a news outlet with 23.5 million active monthly visitors took it one step further. The platform said, “Bitcoin is absolutely worthless by any real measure. It’s fake money that’s about as practical to use in the real world as Monopoly bills.” It attributed this to the high energy it consumes when mined and the prevalent nature of scams which caused Facebook and Google to ban crypto ads.

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