Sorry not sorry? Financial Times’ Alphaville issues apology for Bitcoin bashing

The Financial Times’ Alphaville blog has issued a rare, sarcastic and semi-humorous apology to readers, addressing its long-standing skepticism towards Bitcoin.

Since June 2011, Alphaville has consistently characterized Bitcoin (BTC) as a “negative sum game” with limited utility, often describing its price as reflecting excitement rather than intrinsic value.

But with Bitcoin recently surpassing $100,000, the publication issued a half-hearted apology for its previous coverage that may have deterred readers from investing.

In its apology, Alphaville acknowledged the impact the news may have had on readers’ investment decisions. “We apologize if at any time over the last 14 years you chose not to purchase something that has increased in number based on our coverage,” the blog wrote, referring to Bitcoin’s meteoric price rise.

While Alphaville stood by his critical analysis, he admitted that his comment may have inadvertently led readers to overlook Bitcoin’s significant return potential.

Bitcoin as “an arbitrary sign of excitement”

He maintained a mix of apology, regret and continued skepticism. Alphaville reiterated his view that Bitcoin, while “smart” as a protocol, remains inefficient as a medium of exchange and is compromised as a store of value.

“We stand behind each and every one of these posts,” the FT wrote, referring to their past skepticism towards Bitcoin.

The FT described Bitcoin’s price as “an arbitrary indicator of hyperbole” disconnected from the utility of the cryptocurrency. However, the publication acknowledged that it may have misinterpreted readers’ cynicism as an endorsement of traditional finance, and Alphaville clarified that it did not support this either.