The Italian media, traditionally disinterested in Bitcoin affairs, has been remarkably active and engaged for approximately two weeks. This surge in attention coincides with the approval of the Bitcoin Spot ETF, swiftly becoming the focal point of both knowledgeable and less knowledgeable journalists.
Quantifying this attention is challenging; never before has Bitcoin garnered such widespread interest in Italy, despite the consistent tone maintained elsewhere. The refrain remains familiar: ETFs are risky, Bitcoin even more so, and anyone still involved with this currency is dismissed, colloquially speaking, as a mere novice. All fools... and, to add insult to injury, duped!
A mere -15% dip in Bitcoin prices is enough to bring joy to the haters! It took very little indeed. After staying relatively quiet throughout 2023—a year during which Bitcoin saw a staggering 100% increase in value—they've resurfaced, now that the approval of the Bitcoin ETF hasn't (yet) sent the asset's value skyrocketing.
One might ask where they were in 2023 or why they didn't voice their opinions when Tito Boeri labeled BTC a colossal scam. However, raising such questions might be too facile. The leading financial newspaper has published editorials at an impressive rate—almost one per day—reminding everyone that not much has changed since the arrival of ETFs in the USA.
For those who never believed in Bitcoin, the retracement from the briefly touched 49k mark is a reason to feel vindicated. No longer are they asked, "But isn't Bitcoin a scam?" The danger seems to have subsided. This topic has become so heated that even occasional contributors from civil society, those with some funds under management who harbor a disdain for Bitcoin, have weighed in.
One such contributor took an artistic approach, citing Diogenes who told Alexander the Great to move, as he was blocking the sunlight. Today, with the confidence that a -15% downturn can only provide to the less discerning, someone defines the ETF as a trap for fools, citing unspecified evangelists who had predicted a significant price surge upon the ETF's arrival.
This rhetorical technique, unfortunately, is only as credible as the one writing it: pick a few random comments, preferably from the extreme end of the spectrum whom we have self-declared as enemies, attribute that opinion to everyone, and write an article to strike a pose. Nothing new, of course, but we did not expect such bitterness.
Bitcoin is still here, despite the Pyrrhic victories of four "colleagues." We can imagine them rubbing their hands together because they've finally been proven right. Bitcoin has ceased to move like a missile. Never mind that it was the best-performing asset in the world in 2023; for these brief ten days, they've had their moment. Those who invested have lost a bit.
The most cynical among our readers remind us that moral qualities and each person's ambitions are judged by what they set as goals. We don't entirely agree with this sentiment, but it's worth wondering what kind of life one leads if a -15% in Bitcoin causes such excitement.
However, it might be enough to pause for a few hours, read, and understand what Bitcoin is. No, Bitcoin is not just about price—neither when it rises nor when it contracts. Bitcoin is primarily a monetary network that continues to operate flawlessly, allowing transactions without seeking permission from anyone. In 15 years, despite the criticism from refined Italian and global pens, it continues to capture hearts and wallets.
There's certainly no need to wait for their acknowledgment. Bitcoin—and to be honest, we as well—is thriving quite well without them. It's a bit disheartening to see once-prestigious newspapers giving space to absurdities worthy of satire, claiming the end of Bitcoin's anarchic dream simply because a few funds can invest in it.
Something that has been happening for more than a decade—remember Grayscale, the fund registering significant outflows? It has indeed existed for over 10 years. Perhaps, it went unnoticed in certain editorial offices, a fund that accumulated more than 600,000 Bitcoins.