A “Sorry, Not Sorry” Stance as Bitcoin Hits $100KThe Financial Times’ commentary platform, FT Alphaville, stirred controversy among Bitcoin enthusiasts with a cheeky “apology” that veered more toward mockery than remorse. The statement, issued as Bitcoin surged past the $100,000 mark on December 5, came from city editor Bryce Elder, who asserted the publication’s longstanding critical stance on the cryptocurrency while taking a jab at those who invested despite the skepticism.Source: XElder’s op-ed opened with a biting acknowledgment of Bitcoin’s milestone, stating, “We’re sorry if at any moment in the past 14 years you chose based on our coverage not to buy a thing whose number has gone up. It’s nice when your number goes up.” The tone, however, quickly shifted to reinforce FT Alphaville’s cynical view of Bitcoin. “We’re sorry if you misunderstood our crypto cynicism to be a declaration of support for tradfi, because we hate that too,” Elder quipped, maintaining that the outlet stands by “every single one of those posts” critical of Bitcoin.The apology landed far from its intended mark, with the crypto community on X branding it a “Cope-Pology” and slamming the Financial Times for its perceived arrogance. Critics described the piece as a “faux apology” and lambasted its lack of humility despite Bitcoin’s meteoric rise. One user remarked, “Imagine being so wrong and still having this lack of humility,” encapsulating the frustration among Bitcoin supporters who have long dismissed the publication’s bearish views.Source: XSince its first Bitcoin article in 2011, when the asset traded at $15.90, FT Alphaville has taken a firm stance against the cryptocurrency. It has labeled Bitcoin a “negative-sum game,” “chronically inefficient,” and “compromised” as both a means of exchange and a store of value. Elder doubled down on these critiques in the recent op-ed, calling Bitcoin’s price an “arbitrary hype gauge that’s disconnected from any utility.”The platform’s criticisms have spanned over a decade, even targeting Bitcoin’s enigmatic creator, Satoshi Nakamoto. In 2014, a former U.S. Federal Reserve risk examiner likened Nakamoto to a “reckless” doctor, arguing that Bitcoin’s fixed supply schedule ignored the cyclical nature of economic demand. “It’s the equivalent of a doctor giving penicillin to every patient without first checking whether they are suffering from infection, depression, or mania,” Mark Williams wrote at the time.Bitcoin’s ascent to $100,000 has proved many detractors wrong, including high-profile critics such as Warren Buffett, Jamie Dimon, and Peter Schiff, all of whom dismissed the possibility of such a rally in the past. Despite this, skepticism remains deeply entrenched in certain financial circles, with FT Alphaville continuing to champion its critical narrative even in the face of the cryptocurrency’s undeniable market success.This article has been refined and enhanced by ChatGPT.