The Financial Times Releases Petty Apology to Bitcoin Supporters, Receives Immediate Backlash

The Financial Times (FT) published quite an article on December 5, 2024, after Bitcoin’s price surpassed $100,000. 

The publication basically released an “apology” on its FT Alphaville platform, which many interpreted as a sarcastic acknowledgment of its long-standing criticism of Bitcoin and cryptocurrencies in general.

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A Petty Apology, Immediate Backlash from Bitcoin Supporters

The article was authored by Bryce Elder, City Editor of FT Alphaville, and it addresses readers who may have avoided investing in Bitcoin due to the publication’s skeptical coverage. Elder wrote: 

“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 piece, for some reason, also took a jab at traditional finance, stating: 

We’re sorry if you misunderstood our crypto cynicism to be a declaration of support for tradfi, because we hate that too.

Despite Elder framing it as an apology, the tone and language came across as sarcastic. To say the article drew widespread criticism from Bitcoin supporters and the crypto community is an understatement. 

Many accused FT of issuing a disingenuous “cope-pology,” and social media users mocked the publication for its perceived lack of… well, how do we put it, humility, describing the article as “salty” and “petty.”

This is the saltiest, most petty apology I’ve ever seen. Way more enjoyable than a genuine apology, so thank you.

— Brandon | Bitcoin Maximalist (@ran_the_numbers) December 5, 2024

As a surprise to no one, The Financial Times has maintained a critical stance on Bitcoin for over a decade. Its first article on the cryptocurrency in 2011, when Bitcoin was valued at $15.90, mirrored its skepticism. In 2014, FT published a critique likening Bitcoin’s fixed supply to a reckless medical treatment, arguing it disregarded economic dynamics.

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This consistent skepticism has shaped the publication’s reputation in the crypto space, leaving many unconvinced that the recent “apology” was anything more than a continuation of its critical narrative.