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Mainstream media isn’t known for its accurate, in-depth, or optimistic coverage of Bitcoin (BTC) and cryptocurrencies at large. Earlier this month, as BTC popped above $5,000 for the first time since November 2018, respected business news outlets falsely covered this industry en-masse.
Some publications, like CNBC, attributed the move to an April Fools’ joke, in which a trade news site joked that the U.S. Securities Exchange Commission (SEC) approved a Bitcoin-backed exchange-traded fund (ETF). In what world would a multi-billion asset, even one as illiquid as BTC, run by 25% off a joke? Yeah, that’s right, there’s isn’t such a world.Technology outlet Gizmodo published an article bashing Bitcoin for its supposed “Monopoly money”-esque properties and high energy usage after the move, tagging the piece under “fake internet money” and “scams” in an evident bid to further poke fun at cryptocurrency enthusiasts.
And Business Insider continued this trend. Just recently, citing an analyst from UBS, the former home of The Block’s bearded SCOOPer, Frank Chaparro, tacitly bashed BTC. Their headline read: “Bitcoin bulls may have to wait 22 years for the cryptocurrency to return to all-time highs.” Yeah… no.

Bitcoin May Not Hit $20,000 Until 2041 — ‘Scuz Me? 

In this recent article, it was explained that UBS’ Kevin Dennean charted data that accentuates 2018’s unwinding of the Bitcoin bubble eerily resembled crashes in previous bubbles, like the Dow Jones in the Great Depression, the Dotcom Boom and Bust, China’s recent stock market rally.
As seen above, the collapse of BTC, when indexed to the peaks of other bubbles, followed the same structure (moves and timing) as the aforementioned moves. Scathingly, Dennean wrote in a research note:

“We’re struck by how long it took other asset bubbles to recover their peak levels (as long as 22 years for the Dow Jones Industrials) and how pedestrian the annualized returns from trough to the recovery often are.”

In other words, since BTC’s collapse was similar to that of historical bubbles, it could theoretically follow the 22-year-long route the Dow Jones took after the 1930s. Doubling-down on the bearish quips, Dennean added that while the argument is that Bitcoin will rise “phoenix-like from the assets,” not “every bubble that bursts recovers the old highs.”