Bitcoin in the Headlines is a weekly look at global bitcoin news, analysing media coverage and its impact.
This week, despite a relative shortage of bitcoin news, the digital currency has still captivated a considerable amount of attention from the mainstream media.
It also seems that, perhaps fatigued with the recurring negativity around the subject, the media has engaged in deeper analysis.
From examining the viability of the digital currency as a payment method to the usual price debate and mention of crime, this weekâs coverage has something for everyone.
CoinDesk takes a look at the weekâs headlines from across the world.
The week began with the exploration of bitcoinâs future and its possible mainstream adoption.
The analysis came via VICEâs Kayla Ruble, who interviewed the Winklevoss twins about their âNasdaq for bitcoinâ proposal and probed them about the negative headlines surrounding the digital currency.
In the article, Tyler Winklevoss is cited saying âthere is a difference between trusting the math and trusting the media. The headlines are headlinesâ.
He continued:
âThe narrative of bitcoin has been hijacked a long time. I think in really misleading ways.â
Ruble weaved in the debate about regulation citing Mark Williams, a Boston University finance professor and âreliable bitcoin skepticâ, who said that âbuilding bridges with regulators is key to the currencyâs futureâ.
Dr. Behzad Mohitâs âBitcoin: Is it an Economic Equalizer or a Tool for Conflict and Crime?â in The Huffington Post, makes some very interesting observations that could help preserve the digital currency.
He says that bitcoin must not be appropriated as a medium for free speech. Instead, he says:
âWe need to protect bitcoinâs legitimacy by restricting its domain to the buying and selling of goods and services.â
The author implies that bitcoin could potentially lead to a more fair society, but in order to achieve this goal, âa user agreement must be put into place by the developers to prevent bitcoins from being exchangeable with real moneyâ.
He noted:
âFrom the moment it is exchangeable with money, bitcoin loses its independent utility yet another tradable commodity that contributes to the unequal interest-based money system. Let bitcoins be redeemable only for their value as electronic bits of currency for the mutually beneficial exchange of goods and services.â
It may be possible to claim that the bitcoin community is having to defend its stance due to the mediaâs provocative opinion.
Forbesâ W.Ben Hunt sparked the debate with his piece, âThe Effete Rebellion of Bitcoinâ.
Note the use of the word ârebellionâ.
He says that, like gold, bitcoin is neither a currency nor a store of value.
Hunt continues:
âBitcoin is the cautious expression of a rebellious identity. Using bitcoin is an effete act of rebellion, a week resistance like wearing a hoodie or getting a tattoo thatâs well covered by your work clothes.â
The Forbes contributor then adds to the controversy by comparing the digital currency to fashion, âBitcoin is fashion, more than a fad but less than lastingâ, he says.
The Daily Caller ran a piece titled âBitcoin Defenders Say The Only Way To Preserve Virtual Currency Is Through Regulationâ, alluding to the possibility that the bitcoin community may be on the defensive.
Letâs now shift our attention to The New York Observer, which published an article titled âBitcoin Crime Wave Breaks Out in NYCâ.
Initially, there seems to be some discrepancy between the lead and the headline, with the latter suggesting that bitcoin related crime has spread out across the city.
Although the article then goes on to say that a bitcoin seller has also been held at gun point, the headline may perhaps be somewhat sensationalist.
The price of bitcoin weaved its way into the limelight yet again, as Kezia Joseph, from World Finance, echoed rumours that Google is working on a mobile payments system that would enable customers to carry out bitcoin transactions using their Android smartphones.
In the article, Joseph notes that, following the announcement on 12th February âthe top 10 most valuable digital currencies all underwent a resurgence and increased in value over a 24-hour periodâ.
This is not the first time that investments in the digital currency space have caused a market-wide surge.
When Microsoft announced that it would accept bitcoin payments, bitcoinâs price increased by approximately 4%.
Credit also goes to Nasdaqâs Martin Tillier, writing about how the nature of bitcoin trading has changed.
He begins by considering how price action dominated by traders rather than market influences is a âdouble-edged swordâ.
Tillier explains that bitcoin is no exception to this, adding that âfor those whose attachment to virtual currency is more ideological and emotional than practical and financial, it can be frustrating. They see their baby becoming the plaything of traders and despairâ.
Despite this, Tillier says that their anguish could be misplaced, based on the performance of BTC/USD in the last month.
He continues:
âThere is ample evidence that speculative traders are pushing bitcoin around, but the longer that continues, the closer we are to achieving something that bitcoin sorely needs if it is to fulfil its potential: relative stabilityâ.
Morgan Spurlockâs filmed attempt to explore life on bitcoin was perhaps the best entertainment of the weekâs news, resulting in over 1,600 articles throughout the week.
The Oscar nominated documentary maker, who says âthis whole thing is so bananasâ in an opening scene, interviews various people during the episode, including security researcher Dan Kaminsky, former FBI special agent Christopher Tarbell, West Virginia Democratic Senator Joe Manchin and author and bitcoin advocate Andreas Antonopoulos.
During the show, Spurlock purchases bitcoin at New Yorkâs city Bitcoin Center, helps set up new machines at a bitcoin mine and visits the now-defunct Silk Road 2.0 black market place to purchase a fake Rolex watch.
The episode aired Friday, and like his controversial Oscar-nominated âSuper Size Meâ documentary, it focuses on the concept of Spurlock surviving on one particular thing â in this case, he lives on bitcoin instead of the dollar.
Ultimately, Spurlock says that âeven if the bitcoin currency bubble bursts, the technology could go down in history as one of the most important inventions of this century. It might even change the worldâ.
Last week, bitcoin was often mentioned as a viable solution to Latin Americaâs payment remittance challenges.
The topic of developing markets has continued to catch wind, but this time, some of the reporting has focused on Africa.
In a CNN Money piece, Alex Court discusses the case for the digital currency in Africa.
In the article, Court says that âmoney makes the world go round ⦠but what if notes and coins were replaced with online code?â
Well, bitcoin could do just that. âIn sub-Saharan Africa, where 75% of the population donât have a bank account, experts say that the currency could help millions of people pay bills and get to grips with their financesâ.
Cue, the skeptics.
âCritics say the fees associated with buying cryptocurrency must be taken into consideration when considering the cost of remittances,â notes the article.