By CCN.com: The Associated Press got dragged on Twitter after issuing its ridiculous style rules for bitcoin and cryptocurrencies. In short, the AP guidelines underscored that the self-proclaimed editorial style gurus don’t understand crypto at all.
AP: ‘He Bought a Vacuum Cleaner Using Bitcoins’
The brouhaha erupted after the AP Stylebook tweeted:
“We have a new entry on cryptocurrency, including Bitcoin, Litecoin, Dogecoin and Ethereum. It contains explanations as well as style points.”
“Capitalize when referring to Bitcoin and other currencies as a system, but lowercase when referring to their use as payment: ‘The government wants to regulate Bitcoin, Ethereum and other cryptocurrencies. He bought a vacuum cleaner online using bitcoins.'”
Crypto Fans Correct the AP
For the record, no self-respecting crypto enthusiast would be caught dead using the term “bitcoins.”
One person quipped: “The plural of Bitcoin is Bitcoin.”
Still another snarked with a Dogecoin meme: “Such style! Wow!”
AP Stylebook: Don’t Say ‘Crypto’
On its website, the Associated Press also urged readers to “avoid using the shorthand crypto” because that’s not an acceptable abbreviation for cryptocurrency. Instead, the AP claims “crypto” is short for “cryptography.”
However, everyone in the crypto community interchanges “crypto” and “cryptocurrency.”
While many people mocked the AP, others rejoiced. Why? Because the AP Stylebook’s recognition of cryptocurrencies suggests that crypto is becoming mainstream.
Associated Press: Crypto Is a Magnet for Criminals
Meanwhile, the AP editorialized its style points when it remarked that “cryptocurrency is a favored form of payments among criminals.” This is a sentiment shared by many who oppose digital currencies.
One such example is Democratic Congressman Brad Sherman. In early-May, Sherman urged his colleagues to pass a law that would ban cryptocurrencies in the United States.
Sherman says the ban is necessary because crypto threatens to undermine the U.S. dollar and is only useful for criminal activities like money-laundering, drug-dealing, and tax evasion.
“I look for colleagues to join with me in introducing a bill to outlaw cryptocurrency purchases by Americans, so that we nip this in the bud.”
Debate Rages Over Whether Crypto Winter Is Over
Meanwhile, the industry is celebrating a renewed surge in the bitcoin price, which has rallied during the past few weeks. While the bulls claim this means the Crypto Winter is officially over, others insist it’s merely a temporary reprieve.
The Motley Fool’s Kevin Godbold predicts that BTC prices will crash again soon because its recent spike was a dead cat bounce and not a sign of an impending upswing.
“Sooner or later, the speculators will run out of fire power. And when we reach that point, bitcoin is likely to plunge again. Bitcoin looks riskier than ever right now, and I wouldn’t touch it with a bargepole.”