Price is Trite: Observation of the Current Coverage of Cryptocurrencies

At what point do we admit that crypto is a part of our lives, and our coverage pushes past price?

I work for a media company that happens to regularly report on finance related topics. Throughout our office we have a feed of our broadcasts running, all day. A popular topic on our program is Cryptocurrency -- with the most recent story being “Bitcoin and the fall to $10,000.”

The popularity of this topic is clearly warranted, as the media is currently fascinated with the craze of Bitcoin and how crypto is captivating the world. Yet, I am constantly seeing the same stories about how much a coin’s price has risen or fallen.

As much of a crypto-enthusiast as I consider myself, I’ve felt uneasy about this observation. For some time I haven't been unable to understand why. 

It wasn’t until I was having my regular crypto conversations with a buddy at work, that I realized that I’m not uneasy about how much coverage Cryptocurrency is getting in the media; I’m uneasy about the majority of conversations around Cryptocurrency. A majority of outlets all talk about one thing -- the price. How Litecoin is up 30% -- how Ethereum is down to $800 -- and how the whole market will crash into a frenzy if Bitcoin ever hits $50,000.

It’s not limited just to large news outlets either. I’ve observed a handful of “crypto-centric” platforms that have a familiar story. 

I understand that we are currently in a bubble. This results in heavy speculation and a bullish market to support, leading us ordinary investors into a craze of FOMO and fear, uncertainty, and doubt (FUD). However, my question still remains:

How does this reflect on the the imminent juncture where these technologies, such as blockchain, are a part of our everyday lives?

I remember a few months ago when Bitcoin first approached $15,000. Outlets tirelessly covered how the whole market would crash or how everything would go into a state of hysteria. The moment came and went. Now we all anxiously await Bitcoin reaching $25,000. What was so significant about the number of $15,000? Why would it be significant if Bitcoin dropped to $8,000? 

Outside of the human psychological power we put behind these numbers, there is little to nothing that makes these numbers more or less significant than any other number Bitcoin may reach along the way.

What is the reason we aren’t speculating Bitcoin will crash to its demise if it reaches $25,576.63 or $4,321? That seems like a more targeted discussion to be having.

As the community matures, we should be guiding a majority of these discussions beyond just price fluctuations.

I don’t think all stories around price are trite. There are a handful of stories I’ve come across that contain refreshing content. Unfortunately, I am constantly disposed to outlets covering the surface of crypto. To help paint a better picture of my dismay, I gave the following analogy in a discussion with my younger brother:

Imagine as a basketball fan, you continuously come across stories about how much players make. How Lebron James has a $100M contract -- how people want to play basketball because they want those figures -- and how the higher your contract amount is, increases the perception that you are a better player than those with a lesser amount.

If you’re a fan of basketball, you understand that this is certainly a part of the sport, but you wouldn't feel right with the recurring notion that the contract amount is the main topic. I’m sure one could even cite examples of how Dwayne Wade was clearly underpaid while he played for the Miami Heat, but is indisputably a future hall-of-famer who has helped change the game of basketball.

I perceive crypto to be the same way. Sure the price is fun to gawk over and we adore the idea of a coin “mooning” - but there is so much more to it all that we should be trying to discuss.

One would even come to think, “Hey, maybe I should start writing about it then?”

@51F0