People Who Don’t Understand Cryptocurrency Should Probably Stop Writing About It

“Bitcoin and other cryptocurrencies are like the Bre-X stock — they will leave investor hopes in tatters” reads the title of the editorial in the Financial Post. Bre-X was a Canadian penny stock that reached $286 CAD in the 90s before collapsing. “These are equity issues without rules and investors should avoid them like the plague” runs the subheading by Diane Francis. The 71-year-old has the accolade of being the first woman editor of a national daily newspaper in Canada and has had a host of academic accolades bestowed upon her. With bitcoin, she is hopelessly out of her depth however.

Misinformed hit pieces about bitcoin are published on a daily basis, and most don’t warrant the oxygen of the publicity they desperately crave. Francis’ effort for the Financial Post deserves picking apart for posterity, though, as it’s filled with a cornucopia of pithy one-liners. “Anyone can create a cryptocurrency out of thin air,” begins the article, quite correctly. It continues: “Some create fake cryptocurrency exchange sites where bogus trading figures and prices are posted to entice money from the gullible.” That’s a new one, but is still one of the saner claims to be found in the article.

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