In a truly unprecedented act, one of the world’s most revered financial publications, The Financial Times (FT), issued a public apology, on December 6, for almost 14 years of negative reporting on the cryptocurrency business. This statement, published both in online and print format, accepted any changes in perception with respect to digital assets and disclosed that “overlooking the transformative potential of blockchain technology and cryptocurrencies” was true.
The Apology
A Reflection on Our Coverage of Cryptocurrencies-the headline with which the editorial ends quite signifies a founding difference from the behest-of-the-past, revisionist kind of inclination shown by FT. “We recognize that our reporting on cryptocurrencies has often emphasized risks, speculative excesses, and regulatory challenges while underestimating their potential to revolutionize finance, technology, and society,” the editorial read.
According to FT Editor-in-Chief Roula Khalaf, this cautious approach was rooted in skepticism that dominates traditional financial circles. “We aimed to caution readers about unregulated markets, but in doing so, we failed to adequately explore the innovation and utility underpinning the crypto ecosystem.”
A Shift in Narrative
Through the years, FT reported Bitcoin and other cryptocurrencies to be some speculative bubbles or funds for illegal activity. The headlines usually included prize volatility, fraud cases, and regulatory harsh treatment to give content to the report. The criticism of entrenched bias against the emerging asset class has long been attached to the publication.
Indeed, the editorial recognized those criticisms and promised to maintain a more balanced approach in future writings. As the cryptocurrency space matures, so too must our journalism,” it stated.
Community Reactions
Some enthusiastic community leaders like Michael Saylor founder of MicroStrategy and Changpeng Zhao the CEO of Binance, may have considered the apology as “a positive step toward bringing digital assets into the mainstream understanding of society”.
“14 years late, but better late than never,” wrote crypto influencer and investor Anthony Pompliano.
However, other people are doubting the timing of the apology. “Is this genuine self-reflection, or a strategic move to take advantage of crypto becoming more important in mainstream finance?” asked crypto analyst Laura Shin.
Why Now?
In a fast-changing reality where cryptocurrencies are more and more institutionalized, FT is now lining up some very important industry players: BlackRock, Fidelity, and Goldman Sachs. All these institutions have ventured into the crypto market by launching Bitcoin exchange-traded funds and offerings such as blockchain services.
Blockchain technology is proving its relevance beyond currency tracking. Such as supply chain improvements, decentralized finance (DeFi), and non-fungible tokens (NFTs).
“The apology is probably because the winds are changing in financial journalism, where cryptocurrencies can no longer be ignored,” added Alex Matthews, a fintech researcher at Global Insight Group.
Commitment to Change
As part of this commitment, FT launched a dedicated site on crypto and blockchain news to provide reporting about this sector as objectively and comprehensively as possible. It will also host forums and roundtables with different voices from the crypto world, thus bridging the gap between the traditional and digital economies.
Conclusion
While some may consider FT’s apology belated, it highlights a trend toward a more mainstream acceptance of cryptocurrencies by previously established institutions. As finance and digital assets blend ever more closely, the part of even-handed and intelligent journalism will become invaluable in interpreting how this world develops for the public.
Will FT’s change of heart be enough, though, to hold sway on the rest of the traditional financial outlets, to encourage them to rewrite their story concerning the supposed transformative power of cryptocurrencies?
