Bitcoin’s recent surge has reawakened old animus in the media. “The trouble with Bitcoin: Why the crypto craze can’t last,” read a recent headline in the Globe and Mail, a Canadian newspaper.
To be sure, Bitcoin can be polarizing. Bitcoin diehards claim the cryptocurrency will soon replace gold, all government-backed money, and credit cards, as well as turn the banking system on its head. Rational exuberance aside, that is unlikely to happen, at least in the short term. On the flip side, media critics often badly mischaracterize Bitcoin as nothing more than a speculative tool, an environmental disaster, a bubble, or worse.