Newsweek's positive coverage of Bitcoin underscores paradigm shift in public perceptionJanuary 6, 2021
Newsweek, one of the largest American weekly news magazines, has taken a positive spin on Bitcoin (BTC) in a recent article that explores whether the digital asset can become the new gold standard.
The article, which appeared on Wednesday, dissects the digital gold narrative using JPMorgan Chase’s latest model showing a potential BTC price of $146,000. Although the article presents little new information for crypto enthusiasts who have been charting Bitcoin’s meteoric rise, it provides more validation that the mainstream narrative surrounding cryptocurrency has changed.
“All that glitters is not gold—but it might be Bitcoin,” wrote Scott Reeves. “And in the long run, it might be more valuable.”
That’s the message that appeared before Newsweek’s readership, which is pegged in the tens of millions, many of whom have never been exposed to Bitcoin.
Earlier this week, Bitcoin graced the front page of the Financial Times — on the 12th anniversary of genesis block, no less — offering further evidence that the mainstream can no longer ignore BTC.
In the meantime, more investors are flooding the market, as evidenced by the sharp rise in active addresses and growing interest from corporations and major institutions.
New adopters are entering Bitcoin for the long run, possibly for the next three to five years at least, according to podcaster Peter McCormack. Sonny Singh, BitPay’s chief commercial officer, shares that sentiment, but recently argued that another surge in BTC price could lead to institutional profit-taking.
Google search trends suggest that retail FOMO, or fear of missing out, is ramping up in the new year — a potential precursor to higher prices in the short term.
Searches for the word “Bitcoin” were tame during last year’s uptrend when compared with the bull market of 2017. Once again, this suggests that Bitcoin’s least resistant path could be higher.
It remains to be seen whether retail’s understanding of Bitcoin is improving or whether people are paying attention merely because of price appreciation. In either case, Bitcoin’s value proposition is no longer relegated to obscure and esoteric corners of the internet.
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