Wall Street Journal Loves To Hate Bitcoin – Opinionbr>
I read the newspaper. I love it. I also love cryptocurrency.
Today’s Wall Street Journal shows two things I love, side by side, hating each other. Like when your wife and mother simply won’t get along.
In a Markets piece online, Steven Russolillo asks in its title whether bitcoin is “The World’s Most Dramatic Bubble Ever?”
In a B1 story on blockchain-enabled capital financings (“ICO’s”), reporters Dave Michaels and Paul Vigna reiterated the SEC storyline on securities violations, SEC Chairman Jay Clayton’s statement, “I have yet to see an ICO that doesn’t have a sufficient number of hallmarks of a security.” Absent from the article is any counterweight, only China’s concurrence via its own banning of the financing mechanism.
The hit parade continues on page B10, with a Tokyo datelined story decrying the unfairness of a bitcoin holder (albeit accused of criminal wrongdoing) for paying off all his creditors in a bankruptcy for the yen value of bitcoin at the time of the filing while retaining the extra value of the appreciation of bitcoin since.
The Wall Street Journal reports, well, there is no doubt. Blockchain-enabled applications such as cryptocurrencies (like bitcoin) are changing our world.
Mom? Baby? Can’t you two just get along for the kids’ sake?
Edward “Coach” Weinhaus is a lecturer at UCLA’s Anderson School of Management, and a legal scholar at Washington University School of Law in St. Louis. Edward serves as Chairman of The Co.in Group, a bitcoin investment holding company and Publisher of BlockTribune.