Bitcoin’s rising price amid USD’s dropping value creates interest in mainstream media
In a crucial boost to Bitcoin and cryptocurrencies’ growing popularity this year, prominent international news agency Reuters has joined the list of mainstream media networks that are beginning to provide positive coverage of Bitcoin, acknowledging its proper significance as an asset amid the US dollar nosedive.
Amid the chaos in the global market and the dropping value of fiat currency due to COVID 19 economic recovery measures, Bitcoin has emerged as a suitable alternative for many. Experts also believe that the devaluation of the dollar due to inflation is helping drive Bitcoin’s price to all-time highs.
The US dollar index fell sharply today continuing a 10-month losing streak that places its value at its lowest point since April 2018.
Reuters marked this occasion with a story headlined— “Dollar plummets on U.S. stimulus hopes; Bitcoin hits an all-time peak”. The article explained the correlation between the tumble in the value of USD and the announcement of a second COVID-19 relief bill being discussed in Congress. It also mentioned the recommencement of negotiations between the United States Treasury Secretary Steve Mnuchin and House of Representatives Speaker Nancy Pelosi.
A contrast between the rising price of Bitcoin and the falling value of the dollar was explored in the article with special reference to the fact that Bitcoin briefly surpassed an all-time-highs for the second day in a row yesterday.
Currencies that thrive in times of risk appetite such as the euro, sterling, as well as the Australian, and New Zealand dollars all rose against the greenback, the article explained. “Bitcoin was also on a tear, hitting a record high just under $20,000. The virtual currency though was last down 3.8% at $18,961”, it added.
Historically speaking, Reuters like many of its mainstream media counterparts isn’t known for its positive coverage of Bitcoin. Thus, today’s headline was surprising to many in the crypto community.
“Looks like a headline from 2024,” remarked Erik Voorhees, CEO of ShapeShift and long-time Bitcoin advocate, in a tweet about Reuters’ headline, “but I guess we should assume it won’t be one headline, but many over the coming years”.
However, this isn’t the first indication of the changing attitude of Reuters towards Bitcoin. Last week, the news agency published an article analysing the likelihood of a $100,000 price target for Bitcoin by the end of 2021. Another story differentiating the present Bitcoin “bubble” from that of 2017’s was published this week.
Written by Harshini Nag