Despite USD’s onslaught of stocks, commodities and rival currencies, Bitcoin (BTC) reportedly has kept its value between the $19,000 and $20,000 mark, which has ensured that mainstream media puts BTC into its headlines, as reported by Cointelegraph.
According to Cointelegraph, American daily newspaper The New York Times emphasised on BTC’s 6.5% increase in the past one week and mentioned that this development has been of interest to cryptocurrency bulls and bears. Fortune Magazine’s cryptocurrency outlet has made comparisons of Bitcoin’s standout performance with other assets such as Chinese yen, Japanese yen, gold, euro, pound, among others. When fiat currencies such as euro and the Great British pound sterling fail to maintain their value against the United States Dollar (USD), mainstream media outlets have turned to Bitcoin (BTC) for steady performances.
On the basis of information by Cointelegraph, media outlet Proactive emphasised in their headline on the importance of Bitcoin. The outlet’s author highlighted that a majority of institutional investors aim to end the implications of the ongoing cryptocurrency winter. Meanwhile, Australian news website news.com.au has mentioned speakers being optimistic on Bitcoin and blockchain-based use cases, while some even estimated that BTC price may reach a new all-time high of $100,000.
Moreover, Cointelegraph noted that due to British pound’s value hitting a new all-time low against the US dollar, Bitcoin’s limited supply could result in an advantage against the pound. Insights provided by finance site Porkopolis Economics stated that the issuance rate of pound has been 11.2% annually since 1970 while BTC has a rate of 1.7%, which gives BTC a lower supply issuance and carries the potential to widen the gap between the two currencies. Earlier, mainstream media outlets also made mentions of Ethereum and its recent transition to a proof-of-stake (PoS) consensus mechanism.
(With insights from Cointelegraph)