Bitcoin is occasionally portraited in traditional media as a scam that simply tricks investors into a false narrative of them getting rich quick. Media outlets often compare bitcoin to the tulip mania of 1634, implying that bitcoin itself has no value whatsoever. This is obviously not ideal for the entire crypto-space as people from the general public who have no existing knowledge on the subject might just blindly believe what the media says. Today, however, Yahoo Finance released a video on the subject of “Is Bitcoin A Scam” in which the answer clearly is no.
Writer for Yahoo Finance Rick Newman had this to say about bitcoin:
Bitcoin is a legitimate technology, it is a software technology. It does have a value we’re seeing the market wrestle everyday with what that value should be.
Every day more people are gaining interest in the technology and everything it brings, especially when outsiders aren’t being told it’s a scam before they even get a chance to explore the subject. Yahoo Finance is a well-established business media outlet known to people all over the world. They have around 150 million visitors each month.
Source: https://www.similarweb.com/website/finance.yahoo.com#overview
Yahoo Finance also points out the high volatility the crypto-market brings. At the time of this writing, bitcoin is valued at $10.866 down ~4.2% from its high of $11.349 yesterday. Bitcoin has surged more than 80% in just 2 weeks from its lowest point since correcting from its ATH of $19.000 in late December. So today’s fall is just a small bump in the road.
Price of bitcoin in the last 24 hours. Source: Coinmarketcap.com
As Yahoo Finance points out, this kind of volatility is expected from such a new and potentially revolutionary technology. If this technology is the future as Yahoo Finance hints it could be, then its value is very likely to increase greatly in the future.
Nobody knows what the future might bring for bitcoin and the other cryptocurrencies, but either way, it’s a very exciting space to be a part of.
Here is the video uploaded by Yahoo Finance
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