Bitcoin is the talk of the mainstream media, Wall Street, corporate and much more. No financial television segment these days has no mention of the top cryptocurrency.
But it has unfortunately resulted in some serious errors and the spread of misinformation. One recent example is particularly ridiculous and shows how poorly researched news anchors or their writers can be, as a Fox Business correspondent claims that all of BTC’s offerings have been lost or stranded, which he believes is “a prerequisite for a great movie could “- a film that is only fiction.
Fact or fiction: don’t believe what you read about Bitcoin in the media
Bitcoin has been around for well over a decade. When it took the world by storm in 2017, the majority of the mainstream public hadn’t heard of the cryptocurrency
It’s now three full years later and cryptocurrency is back in the spotlight, but a clear lack of understanding remains in the media and the public.
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Misinformation is deliberately spread not only by opponents of the asset class such as Peter Schiff, Nouriel Roubini, and others, but also by public figures.
As recently in Fox Business News, where a correspondent covered a story related to the currently trending cryptocurrency. The mistake showed how little the journalist knew about Bitcoin and how little research had been done on the subject.
How far does Bitcoin have to climb for misinformation to stop? | Source: BTCUSD on TradingView.com
Fox Business Correspondent claims that all BTC supplies are lost due to misinformation errors
The news itself that was covered is not new and, in fact, the victim lost his bitcoin years ago. History dates back to 2013 on NPR but was recently brought back to light in the New York Times because growing wealth is the hottest topic.
An early crypto pioneer lost over 7000 BTC and only has two password attempts before it is locked forever. The Fox Business News correspondent or his team of writers mixed up almost every detail and instead claimed that 18.5 million bitcoins were lost or “stranded” forever.
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Worse still, the correspondent claimed the 18.5 million BTC was worth $ 140 billion. The market capitalization of the cryptocurrency is currently around $ 676 billion, and the 700 BTC lost at current prices is worth around $ 250 million. Almost no point in the data cited was correct, and no, all of the supply of BTC is not lost or stranded – but it is being held.
While the crime was fairly harmless and just describes the correspondent himself as uninformed, misinformation will be a thorn in the side of Bitcoin for a long time to come.
Featured image from deposit photos, charts from TradingView.com