Mainstream media isn’t known for its accurate, in-depth, or optimistic coverage of Bitcoin (BTC) and cryptocurrencies at large. Earlier this month, as BTC popped above $5,000 for the first time since November 2018, respected business news outlets falsely covered this industry en-masse.
Some publications, like CNBC, attributed the move to an April Fools’ joke, in which a trade news site joked that the U.S. Securities Exchange Commission (SEC) approved a Bitcoin-backed exchange-traded fund (ETF). In what world would a multi-billion asset, even one as illiquid as BTC, run by 25% off a joke? Yeah, that’s right, there’s isn’t such a world.