Recently, a report emerged that indicated that Russia intended to invest billions in Bitcoin. The report by an Australian publication cited U.S sanctions as the reason Russia was turning to cryptos. Barely two days later, a top Russian crypto regulations executive disregarded the report as merely wishful thinking. It will be at least three decades before the global powerhouse invests in crypto, the official stated.
Such has become the nature of the crypto industry. After suffering a brutal 12 months in 2018, the industry has been desperate for positive and bullish news. And there hasn’t been a shortage of such news. While much of the news and sentiments have been factual, speculative and non-factual news has also been on the rise. Media outlets, social media and crypto analysts have all been found culpable.
Sparking the Next Bull Run
It was in 2017 when the hunger for bullish news became a widespread phenomenon. Back then, such news was followed by spikes in the prices of most coins. One of the biggest beneficiaries was XRP, a digital currency which appreciated by 35,000 percent in just 12 months. XRP’s incredible rise was a direct reflection of Ripple’s efforts to onboard banks. This gave investors confidence in the long-term prospects of the currency, and its price appreciated automatically.
Since then, the market has been desperate for bullish news. Crypto analysts became some of the biggest sources for this news. These analysts have had outstanding careers as stock traders. Therefore, the crypto market was all too eager to rely on their expertise to predict when to buy and sell Bitcoin.
Some of the analysts have remained objective. They have continued to help the industry better comprehend the market trends and interpret the various graphs. They have offered their insight on what currencies are performing well and why. These analysts have been a gold mine of information for the millions of traders globally.
On the other hand, the sensationalists have been just as many. These analysts have relied on bold and controversial analysis and predictions to go viral and stay relevant. They have been not shied away from stating with utmost certainty what they believe Bitcoin will trade for in two months time. On social media, they are just as polarizing, dividing the crypto universe into two warring factions.
Adding Fuel to the Fire
Media outlets have just been as culpable. With the proliferation of crypto sites in the past two years, the industry has dropped in its standards quite significantly. While some crypto sites continue to uphold ethics and high journalistic standards, many have faltered along the way. With these sub-standard sites, sensational articles meant to click-bait have become the order the day
The effect the sites have had has been far-reaching. For one, they have tainted the crypto industry’s image greatly. With these sites running articles filled with unresearched and inaccurate facts, many have disregarded the entire crypto media industry altogether.
The crypto industry’s very young history doesn’t help matters much. Many people who aren’t quite tech-savvy know little about the industry. Those whose first contact with the industry is through these sites are likely to believe that the industry is full of delusional minds.
As the industry strives to move forward during the crypto winter, we all must take responsibility and become better servants to the industry. And for those that taint the industry, it’s our duty to deny them any attention and to root them out.