Cynics dominate comments section of BBC Bitcoin crash report |

The BBC has been criticized for its lack of coverage on Bitcoin as the cryptocurrency crashed last week. The British tabloid, “The Daily Mail,” even went so far as to say that commentators were being too negative about the crash and not looking at what positives could come from it.

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The “bottom for bitcoin” is a term used to describe the point when Bitcoin loses all of its value. The BBC has reported that there are many cynics in the comments section.

On May 10, the BBC ran a report headlined “Bitcoin value dips by 50% since November high.” It presented a fair picture of the existing situation. The most important conclusion was that there was a significant positive link with equities, which were also down.

However, an examination of the comments area revealed that the majority of readers had a strong dislike for Bitcoin. BTC is not an investment, according to the most popular criticism, but rather “pure speculation” that affects the environment.

“Bitcoin isn’t an investment; it’s pure speculation, and the way it’s “mined” is terrible for the environment.” Not to mention its impact to the worldwide GPU scarcity.”

Bitcoin bounces off the $30,000 support level.

On Monday, bitcoin bears took control, causing a 12 percent drop before rebounding off support near $30,000. The bulls are battling back today, pushing the price above $32,600.

The drop on Monday was the latest in a seven-month downturn since the all-time high of $69,000 in early November 2021. The graph below demonstrates that there have been early indications of a return to form. However, with an intensification of the decline from April onwards, all sign of that has evaporated.

Bitcoin daily chartBTCUSDT on TradingView.com is the source.

A worldwide monetary tightening spearheaded by central banks is at blame, with investors fleeing risky assets like Bitcoin. The CEO of bitcoin hedge firm BitBull Capital, Joe DiPasquale, said:

“The monetary policy tightening is causing investors to reduce their exposure to risk assets and BTC’s current correlation to the S&P 500 has led it to also drop today,”

As the macroeconomic climate worsens, central banks are expected to maintain hawkish policies, putting more downward pressure on cryptocurrency prices.

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The skeptics are out in force.

Following the BBC’s story on Bitcoin’s price drop, users were quick to express their thoughts on the leading cryptocurrency.

The most popular comments revealed a strong anti-Bitcoin attitude among BBC readers, as measured by the ratio of upvotes to downvotes.

Bitcoin’s speculative nature, detrimental environmental effect, claims that it is a get-rich-quick scheme, and link with criminals are all common themes.

“Oh my goodness! My pyramid structure based on energy:'(“

As a result, it’s evident that the benefits of owning Bitcoin have yet to persuade regular people. Cryptocurrency and blockchain, on the other hand, are not going away anytime soon.

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The “did bitcoin bottom” is a question that many are asking. After the crash, the cynics in the comment section of BBC’s Bitcoin report have dominated.

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