Bitcoin is the talk of mainstream media, Wall Street, business and more. No finance television segment today has no mention of the best cryptocurrency.
But it has unfortunately led to some serious blunders and misinformation spreading. A recent example is especially laughable, showing just how poorly researched news anchors or their writers can be, as a Fox Business correspondent claims the entire BTC offering has been lost or stranded in what he believes “ could be the premise for a great movie ‘- a movie that is completely fiction.
Fact or Fiction: Don’t believe what you read about Bitcoin in the media
Bitcoin has been around for over a decade now. By the time it took world by storm in 2017, the majority of the mainstream public still had not heard of the cryptocurrency
It is now three full years and the cryptocurrency is back in the spotlight, but there remains a clear lack of understanding in the media and the general public.
Not only is misinformation spread on purpose by those who oppose the asset class, such as Peter SchiffNouriel Roubini and others, but even public figures do so by accident.
As was the case recently on Fox Business News, where a correspondent shared a story about the cryptocurrency currently trending. The failure showed how little the journalist knew about Bitcoin and how little research had been done on it.
How far must Bitcoin climb for misinformation to stop? | Source: BTCUSD on TradingView.com
Fox Business correspondent alleges that the entire BTC offering is lost due to incorrect information
The news itself that was covered is not new, and in fact, the victim lost his Bitcoin years ago. The story goes back to 2013 on NPR, but has recently been brought back to light The New York Times because bullish trump is the most popular topic.
An early crypto pioneer lost more than 7000 BTC and has only two password attempts left before it is locked forever. The Fox Business News correspondent or his team of writers mixed up almost every detail, instead claiming that 18.5 million Bitcoins were lost or ‘stranded’ forever.
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Worse, the correspondent claimed the 18.5 million BTC was worth $ 140 billion. The cryptocurrency’s market cap is currently about $ 676 billion, and the 700 BTC lost at current prices is worth about $ 250 million. Hardly any point of the data quoted was correct, and no, BTC’s entire offering is not lost or stranded – but it is held tight.
Although the violation was fairly harmless and the correspondent only paints himself as uninformed, disinformation will remain a thorn in Bitcoin’s side for a long time to come.
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