From Distrust To Triumph: How Bitcoin Challenged The Mainstream Press

Bitcoin has reached a historic milestone by surpassing the symbolic threshold of $100,000. Since its creation in 2009, this flagship cryptocurrency has sparked fascination and skepticism, revolutionizing finance while attracting sharp criticism. From doubts about its mysterious creator, Satoshi Nakamoto, to concerns about its environmental impact, the debates have been numerous. But how have the media influenced this extraordinary rise?

Bitcoin: Tumultuous beginnings under the spotlight

From its early stumbles, Bitcoin drew media attention, but not always in the best light. In fact, it has been declared dead 415 times. In 2011, Forbes prematurely announced “the end of Bitcoin“, after a brutal drop in its price from $17 to mere cents. The crash? A massive sell-off that the Mt. Gox platform could not absorb.

Criticism then shifted to its mysterious creator. In 2013, CNN described the anonymity of Satoshi Nakamoto as a “huge warning signal“, highlighting that anonymous transactions could encourage illicit activities.

Ironically, with the rise of blockchain traceability tools, this criticism seems outdated today.

A brief reminder in numbers of the early obstacles:

• 2011: Crash, drop of the Bitcoin price from $17 to cents;
• 2013: Rise to $900, criticism of Satoshi;
• 2018: Bitcoin becomes a “energy guzzler” according to The Washington Post.

Despite everything, each attack fueled the debate and, paradoxically, reinforced interest in Bitcoin.

Satoshi Nakamoto: Visionary genius or reckless doctor?

The identity of Satoshi Nakamoto remains a mystery that fuels speculation. While some consider him a revolutionary genius, others, like The Financial Times in 2014, see him as a doctor a bit too “generous” with his monetary prescription.

Mark Williams, a former risk examiner, estimated that Satoshi ignored economic cycles in the design of Bitcoin, labeling it a “reckless libertarian creation“. This criticism reflects the tension between the centralized model of traditional banks and the promise of economic sovereignty that Bitcoin represents.

However, Nakamoto’s arguments have resonated with new generations of investors. Today, many see this creation as a way to counter the excesses of central banks, particularly through products like Bitcoin ETFs, which make the asset more accessible.

The price of BTC: Between media skepticism and mass adoption

The price of BTC has always been a hot topic. In 2021, as it reached $40,000, The New York Times denounced a network “too slow and costly“. Similar criticisms resurfaced in 2024, despite the approval of the first Bitcoin ETFs. Media outlets like CNN then recommended not to succumb to the euphoria without thorough reflection.

However, the facts speak for themselves: the rise of Bitcoin ETFs, notably thanks to giants like BlackRock – wealthy with 500,000 BTC, has led to massive capital inflows, reaching $47 billion in under a year. Institutional investors, once hesitant, have changed their stance, contributing to this spectacular rise.

For Forbes, however, this rapid ascent could jeopardize its use as a currency.

“As long as Bitcoin is a price story, it will never become a currency“, wrote John Tamny recently, summarizing the eternal dilemma between speculation and adoption.

Thus, despite a path strewn with pitfalls and sharp criticisms, Bitcoin has managed to establish itself as a major player, attracting both small and large investors. Its recognition by institutions and governments marks a decisive turning point. Even skeptics like Vladimir Putin now admit that “no one can stop Bitcoin“, a direct response to Donald Trump’s renewed ambitions regarding the dollar. The revolution continues, and it is far from finished.