Mainstream media sentiment shifts in favor of Bitcoin amid fiat currency woes


Despite USD bringing an attack on stocks, commodities and its rival currencies, Bitcoin (BTC) is holding steady at the $19,000 to $20,000 mark, leaving mainstream media no choice but to put BTC in the headlines.

American daily newspaper The New York Times highlighted The 6.5% increase of BTC in the last seven days and noted that this has caught the attention of crypto bulls and bears. Meanwhile, Fortune Magazine’s crypto outlet also has compared The outstanding performance of Bitcoin to other assets such as the Japanese yen, Chinese yuan and gold, in addition to the euro and pound.

With fiat currencies such as the Euro and the Great British Pound failing to hold their ground against the US Dollar (USD), mainstream media has begun to put Bitcoin (BTC) in the spotlight for its steady performance.

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On the other hand, the media Proactive mentioned in their headline that it might be “time to put it all on Bitcoin.” Despite touching on the title as sarcasm within the content of the article, the author emphasized that the majority of institutional investors are looking to end the current crypto winter.

Meanwhile, the Australian news website has highlighted experts speaking positively about the use cases of Bitcoin and blockchain. Some experts have even predicted that the BTC price may eventually hit a new all-time high of $100,000.

Related: Crypto Confounds Mainstream Media, But Should Blockchain Advocates Care?

Meanwhile, as the British pound hit a new all-time low against the US dollar, Bitcoin’s limited supply could potentially give it an edge against the pound. According to the financial website Porkopolis Economics, the issue rate of the pound has been 11.2% annually since 1970 while BTC has a rate of 1.7%. This gives BTC a significantly lower supply and this could potentially widen the gap between the two currencies.

The price of Bitcoin is not the only crypto scoop that has recently reached the mainstream media. Earlier in September, mainstream media also looked at Ethereum and its recent transition to a proof-of-stake (PoS) consensus mechanism.