A recently published mainstream media video plays on the heartstrings of viewers in a bid to tarnish all of crypto and induce potential investors to leave the space.
The ABC mainstream media outlet has a YouTube channel with 14 million subscribers. Earlier today a video was published that was designed to put the fear of God into any retail investor that had investments in crypto, or who might be thinking to invest.
The video begins with crypto’s “wild ride” and how 2022 had “broken” the crypto industry with “trillions” of dollars being lost. Super Bowl ads were the start of the rot, and then the entrance of celebrities who were looking to make an easy buck out of the opportunity.
The video then cuts to a peaceful neighbourhood in Orange County, California. A tear-jerking story of a family of 5 tells how the father invested in collapsed crypto lender Celsius. He explains in the video how it (Celsius) robbed them (the children) of their potential. He still has $222,878 locked on the Celsius platform.
The story goes back to 2017, when the father first bought $30,000 in bitcoin. At the height of the crypto bull run that initial amount became $900,000, but then, as bull turned to bear, and the market crashed, so did the man’s fortune.
The video then goes on to explain how crypto rose out of the 2008 financial crisis. It was an answer to this catastrophe and became a parallel financial system that meant that people didn’t have to rely on the bad behaviour of institutions in the centralised financial system.
Opinion
This mainstream media outlet does make some salient points on crypto even though it is obviously biassed against the industry. One important fact that it does cover is that crypto, or rather Bitcoin, was invented and launched as a reply to an untrustworthy traditional financial system.
Indeed, Bitcoin has done what it was supposed to do, which was to provide sovereign money that anyone could buy, hold, and transact with anyone else, without any government or third party agency getting involved.
The man in the video who may have lost his Bitcoin on the Celsius platform had delivered it into the hands of a centralised exchange, which was acting pretty much like a traditional bank, except there was no central bank to bail it out when things went wrong.
If you have a large amount of dollars and you give it to an institution or fund that goes bankrupt, then you have lost those dollars. It’s just the same thing.
The vast majority of the investing public is just as uneducated on the fiat currency system as it is on the cryptocurrency sector. Who can say that they were educated on how fiat currency comes into being at school, college, or university? Not many, it might be imagined. Why on earth would something so fundamentally important not be taught in schools?
A lot of fiat currency and resources must have gone into making the video. An unsuspecting and gullible public might watch it. The fact remains – fiat currency is stealing your wealth through inflation and decreasing purchasing power at an ever-increasing rate.
Bitcoin, however, is scarce and its issuance is written into a code that cannot be changed. It befits all of us to educate ourselves properly on what money actually is. The realisation that Bitcoin is “hard money”, and completely the opposite of fiat currencies, should lead to some huge changes in thinking.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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