Nothing like that demented mainstream media narrative: talking about the Duck Dynasty guy’s personal views on gays non-stop, but kicking real stories like the Fukushima ongoing radiation crisis to the curb.
And when it comes to innovative technologies like Bitcoin, “our” “free” press is equally off the rocker.
Back in January, one Bitcoin fetched $13. When I began covering it on my podcast, the price was around $10 per coin. Today, even “post-crash” in mainstream media parlance, the same coin is worth $702 on the Mt. Gox exchange. That is a 54x return year to date, and the year’s not even finished yet. Find me a stock that has gained 54x during the same time period — would the media label that a “crash” also? I don’t think so.
The media is not your friend. Unless your name is JPMorgan Chase or Bank of America.
And the group who could be most helped by Bitcoin’s promise of frictionless money, liberated from constant fees, is the American middle class – a middle class hammered by increasingly stringent credit history requirements for loans, ruthless foreclosures, insane student loan debt.
But instead of learning about Bitcoin and integrating it into their small businesses, many are caught circle-jerking ’til blue in the face about how Bitcoin is a NWO / Illuminati plot to destroy the middle class. No plot needed; the existing Too Big To Fail financial architecture is doing a fabulous job of hollowing out what’s left of the middle class.
So be careful who you listen to. I’ve had several people ask me if I’ve lost my shirt on Bitcoin — poor things, listening to that drivel on TV. No, I have not. I’m not sure how it would even be possible to lose my shirt, considering Bitcoin’s value is up massively year-to-date, and I only invested money I could afford to lose, and I never sold during any of the media-instigated “panics”.
And yes: the drop after the Chinese government essentially outlawed Bitcoin was breathtakingly sharp, but doesn’t mitigate the growth Bitcoin has experienced regardless. (And really, for a currency that claims to be decentralized and no one’s water boy, having the Chinese government hastily outlaw you after a price run-up is quite the badge of honor.)
To close out here, if only I could pick “losers” like Bitcoin on a more frequent basis, I’d be very satisfied. If you’re interested in learning more about Bitcoin, you can start reading my bestselling e-book The Bitcoin Primer on Amazon Kindle (or the free Kindle app for iPad) within a minute. It is designed to be a true beginner’s guide to buying, selling, and safely transacting in Bitcoin.
Regardless of where this exciting currency goes in the short term, I think it is bound to transform daily life on a scale not seen since the adoption of the Internet itself.
Latest posts by David Seaman (see all)
- The New York Times Comes To Edward Snowden’s Defense - Jan 3, 2014
- The Bitcoin “Crash” Is A Patent Falsehood: Here’s Why - Dec 19, 2013
- The Bitcoin FAQ: What Newcomers Need To Know - Nov 30, 2013