Financial Times’ Snarky ‘Apology’ to Bitcoin Supporters Draws Mixed Reactions

The Financial Times (FT), known for its skeptical stance on cryptocurrency, recently issued a contentious "apology" to Bitcoin supporters after years of criticism.
The tongue-in-cheek commentary, published by FT Alphaville, came as Bitcoin’s price hit an all-time high of $100,000 on December 5, marking a pivotal moment for the cryptocurrency.
FT Alphaville, a financial commentary blog within the Financial Times, has been an outspoken critic of Bitcoin since its coverage began in June 2011, when Bitcoin was trading at $15.90. Over the years, the blog has consistently dismissed Bitcoin as a “negative-sum game” and criticized its utility, describing its price as an “arbitrary hype gauge” disconnected from fundamental value.
In the latest op-ed, Bryce Elder, Alphaville’s city editor, offered a sarcastic acknowledgment to readers who might have missed out on Bitcoin’s meteoric rise due to FT’s critical coverage. “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.
However, the blog made it clear that it still stands by its negative assessments of Bitcoin, reiterating that its commentary was never intended as an endorsement of traditional finance either.
Crypto Community’s Response
The reaction from the cryptocurrency community was swift and polarized. Many Bitcoin enthusiasts criticized the op-ed as insincere, labeling it a “faux apology” and a “cope-pology.” Some commenters accused FT Alphaville of lacking humility despite being proven wrong about Bitcoin’s trajectory. “Imagine being so wrong and still having this lack of humility,” one social media user remarked.
Warren Buffett, Jamie Dimon, and Peter Schiff are among those who have voiced concerns about Bitcoin’s long-term viability despite the $100K milestone. These views support FT Alphaville’s assertions that Bitcoin remains a compromised store of value and an inadequate medium of exchange.
While supporters hail Bitcoin as a groundbreaking digital asset, critics contend that excitement and speculation are the main factors influencing its value. FT Alphaville’s constant criticism mirrors larger worries about Bitcoin’s scalability, energy usage, and volatility.
In one notable critique, a former U.S. Federal Reserve risk examiner likened Bitcoin’s fixed supply schedule to a “reckless” prescription for economic cycles, comparing its rigid design to “a doctor giving penicillin to every patient without first checking their condition.”
Bitcoin’s Bullish Momentum Targets $110K Amid Institutional Support and ETF Inflows
Bitcoin (BTC) price chart. Source: Brave New Coin
Institutional use and increased Bitcoin ETF flows are the driving forces that helped Bitcoin surge past more than $100,000. Technically, Bitcoin has set strong support at $95,000, whereas resistance is near $105,000.
Bitcoin is portraying an uptrend, staying above the 21-day, 50-day, and 200-day SMA. The Relative Strength Index is near the overbought zone as well and might have some minor retracement. On the other hand, strong buying pressure pushes up the price; after maintaining this positive sentiment, analysts expect that the next target will be $110,000.
The Bottom Line
FT Alphaville’s ironic “apology” underscores the persistent schism between proponents of cryptocurrency and those who are skeptical. As Bitcoin advocates revel in its landmark price milestone, detractors continue to express doubts regarding its long-term viability. This opinion piece acts as a reminder of the heated debates related to Bitcoin’s position within the global financial framework.
Brave New Coin reaches 500,000+ engaged crypto enthusiasts a month through our website, podcast, newsletters, and YouTube. Get your brand in front of key decision-makers and early adopters. Don’t wait – Secure your spot and drive real impact in Q1. Find out more today!