It is rare that the mainstream media shows any nod of approval toward Bitcoin and its virtually unlimited technological potential. Media superpower USA Today executed a very positive piece that shows that they did some research to find out why Bitcoin is more than just another price on the Bloomberg ticker. What they came up with is something of an epiphany for any mainstream media outlet.
It’s just a pure journalistic view of what Bitcoin is and what it has the potential to be that deserves commendation. This realization of theirs can go a long way to assist future understanding and use of Bitcoin to their almost three million readers every day, making USA Today the #1 daily newspaper in the United States. This assumes that the online piece will make its way into the newspaper’s “Tech” section, and not just the website, at some point. (The USA Today website is one of the Top 300 websites in the world and Top 75 in the US. The Bitcoin USA Today article is currently the second headline in their “Tech” section” on the front page.)
USA Today Brings You Bitcoin Today
As I’ve shown in my previous article on Bitcoin’s value, and as USA Today’s piece reminds you, Bitcoin’s dollar value is a specious way to rate Bitcoin as a currency, or to rate its relevance. That would be like saying the Internet is only valuable due to all of the fax machines it replaced. The Internet’s value is far greater than that, and so is Bitcoin’s, in relative terms. You can see the strength of Bitcoin in its ability to attract the largest online merchants worldwide (PayPal, Dell Computers, Expedia), and also it’s continued adoption with users. Coinbase has seen an average of 10% transaction growth each month through their internal analytics. The company has about 1.7 million users worldwide and more than 37,000 merchants, mostly in the U.S. and Europe, says Adam White, the firm’s director of business development and strategy. This would show that they cover around 1/3 of the merchant and consumer market, which is estimated at over 5 million consumers and almost 100,000 merchants worldwide.
The Bitcoin Foundation is working on an international monetary symbol of “XBT” for Bitcoin currency. This would tie it loosely to the financial symbol of Gold (XAU), which should strengthen its profile and infrastructure.
Creating an accepted international monetary symbol for Bitcoin would put it “on the same level as other existing national currencies,” says Jon Matonis, Executive Director of The Bitcoin Foundation. “It is volatile right now. It’s only five and a half years old. It’s like a baby trying to walk still.”
This review by USA Today is a very fair, unbiased update on where Bitcoin stands as it heads confidently into 2015. The article clearly hits the recent lows the technology faced in 2014. Yet, the article shows an upswing in their appraisal of it’s future, and it makes sure to end on a high note of future growth and maturity. They spent time talking to industry experts, and Ben Lawsky, czar of New York’s infamous BitLicense. This is indeed a rare time when the mainstream sees the forest through the trees, and reports the relevant news, not the spin.
What do you think of their article? Share above and comment below.
Photo provided by commons.wikipedia; other images from Shutterstock.