The cryptocurrency community has unleashed a wave of mockery and defiance against the Financial Times following the publication of a scathing opinion piece by columnist Jemima Kelly declaring that Bitcoin is effectively worthless and destined to hit zero. The article, titled "Bitcoin is still about $70,000 too high," argues the leading cryptocurrency's valuation represents unsustainable speculation.
Kelly employed a cinematic metaphor, comparing Bitcoin holders to the protagonist of the French film La Haine, a man falling from a skyscraper who comforts himself by repeating "so far, so good" before an inevitable impact. This characterization sparked immediate and widespread backlash across social media platforms, particularly on X (formerly Twitter).
Veteran market participants interpreted the mainstream media attack as a classic contrarian indicator. One user wrote, "NOW we can confidently say Bitcoin's bottom has been reached. When outdated, incompetent, arrogant media start posting...is when Bitcoin starts flying." This sentiment was echoed by other commentators who labeled the FT's stance as "very bullish."
The community response highlighted a perceived disconnect between traditional financial media and the evolving crypto ecosystem. User Bram Kanstein sarcastically cheered the FT on, stating, "Fading the most profound technological discovery of your industry, well done!!" Others expressed disbelief that such hardline skepticism persists in 2026.
The controversy emerges against a backdrop of accelerating institutional adoption in early 2025, including U.S. state treasury allocations, European pension funds increasing crypto exposure, and traditional banks expanding custody services—creating a stark contrast with media skepticism.
Proponents counter the FT's argument by emphasizing Bitcoin's fundamental technological value proposition: its decentralized architecture, fixed supply mechanism, global settlement network, censorship resistance, and transparent ledger. They also point to ongoing technological upgrades like Taproot for enhanced privacy and Lightning Network expansion for scalability as evidence of its evolving utility beyond simple "digital gold" analogies.
