In a striking moment for the cryptocurrency world, FT Alphaville, the renowned financial commentary blog by the Financial Times, issued a public apology on December 5 — the same day Bitcoin surged to $100,000. After more than a decade of consistent skepticism, their acknowledgment of Bitcoin’s success was met not with celebration, but with widespread criticism over its tone and authenticity.
The so-called “apology” was framed as a satirical mea culpa directed at those who followed FT Alphaville’s advice and avoided investing in Bitcoin. While it acknowledged the historic milestone, many in the crypto community saw it as condescending rather than contrite.
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A Long-Standing Skepticism Toward Bitcoin
FT Alphaville has long been one of the most vocal critics of Bitcoin and the broader cryptocurrency movement. Their first bearish article on Bitcoin was published on June 6, 2011, when the digital asset traded at just $15.90. Since then, the publication has repeatedly dismissed Bitcoin as a speculative bubble, a “negative-sum game,” and an inefficient medium of exchange.
Their core argument centered on the belief that Bitcoin lacked intrinsic value and real-world utility. They described its price not as a reflection of adoption or innovation, but as “an arbitrary metric of hype disconnected from practicality.” Even as Bitcoin evolved into a global phenomenon, FT Alphaville maintained its stance — until now.
The apology, penned by editor Bryce Elder, was titled "A Bitcoin Milestone Mea Culpa" and accompanied by an ironic image: a cartoon figure wearing a smiling mask while tears streamed down its face. The symbolism was unmistakable — regret masked by sarcasm.
“If at any point over the past 14 years you chose not to buy an asset because of our coverage — and that asset went on to increase in price — we are sorry. Rising prices are good, apparently.”
This line, dripping with irony, encapsulated the tone of the entire piece. While technically an apology, it read more like a final jab at Bitcoin believers than a genuine reflection on misjudgment.
Why the Crypto Community Reacted with Skepticism
The response from crypto enthusiasts and digital asset investors was swift and scathing. On X (formerly Twitter), users labeled the message a “performative apology” and a “hollow gesture.”
One user wrote:
“Imagine being wrong for 14 years and still having zero humility.”
Another called it a “fake apology,” noting that the underlying message wasn’t remorse — it was defiance. Despite acknowledging Bitcoin’s price surge, FT Alphaville made it clear they haven’t changed their fundamental views. They even pledged to continue supporting every critical post they’ve ever published.
This refusal to reconsider their core arguments — such as Bitcoin’s inefficiency or lack of utility — undermined any sincerity the apology might have conveyed.
Historical Attacks on Bitcoin and Satoshi Nakamoto
FT Alphaville’s criticism hasn’t been limited to market dynamics. Over the years, they’ve targeted Satoshi Nakamoto, Bitcoin’s pseudonymous creator, often portraying him as reckless or ideologically extreme.
In 2014, former Federal Reserve risk analyst Mark Williams compared Satoshi’s fixed supply model to a dangerous medical practice:
“It ignores the ups and downs of economic cycles — this recklessness is like injecting penicillin into every patient without checking for infections, depression, or mania.”
This metaphor reflected a deeper institutional discomfort with decentralized systems that operate outside traditional monetary policy frameworks. The idea that money could be finite, predictable, and immune to central bank manipulation challenged foundational beliefs in mainstream finance.
Yet, Bitcoin’s resilience through multiple market cycles — including regulatory crackdowns, exchange failures, and macroeconomic turmoil — has only strengthened its position as a digital store of value.
Bitcoin at $100,000: A Turning Point
Reaching $100,000 wasn’t just a psychological milestone — it was a validation of Bitcoin’s long-term thesis. Institutional adoption, regulatory clarity in key markets, and growing interest in Bitcoin ETFs have all contributed to this surge.
Despite early dismissals from financial giants like Warren Buffett, Jamie Dimon, and Peter Schiff — all of whom famously predicted Bitcoin’s demise — the asset has proven remarkably durable.
Schiff, in particular, had insisted Bitcoin would never reach $100,000 by November 2019. When that prediction failed, he doubled down, claiming the rally was artificial. Yet here we are — not only surpassing that number but doing so with increasing legitimacy.
👉 See how early skeptics are being proven wrong — and what it means for the future of digital assets.
FAQ: Addressing Common Questions About Bitcoin’s Rise
Why did the Financial Times apologize for criticizing Bitcoin?
The Financial Times, through its FT Alphaville blog, issued a satirical apology after Bitcoin reached $100,000 — a price they had long deemed impossible. While framed as remorse for discouraging investment, the tone was widely seen as insincere and condescending.
Has Bitcoin proven its value over time?
Yes. Despite early criticism over volatility and utility, Bitcoin has evolved into a globally recognized digital asset and store of value. Its fixed supply of 21 million coins and decentralized nature make it resistant to inflation and government control — key reasons for its growing appeal.
Are major financial figures still skeptical about Bitcoin?
Some remain skeptical, including Warren Buffett and Peter Schiff. However, their influence has waned as institutions like BlackRock and Fidelity launch Bitcoin ETFs, and countries like El Salvador adopt it as legal tender.
What does Bitcoin’s $100,000 milestone mean for investors?
It signals growing mainstream acceptance and confidence in blockchain technology. For long-term holders, it validates the belief in Bitcoin as “digital gold.” For new investors, it highlights the importance of understanding market cycles and risk management.
Can Bitcoin continue rising beyond $100,000?
While no one can predict prices with certainty, many analysts believe further growth is possible due to increasing scarcity (via halving events), institutional demand, and global macroeconomic trends favoring hard assets.
Is skepticism toward Bitcoin fading?
Gradually. Early criticism focused on misuse and volatility. Today, even former critics acknowledge its staying power — though debates continue over its role in portfolios and financial systems.
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The Bigger Picture: A Shift in Financial Thinking
The FT Alphaville incident reflects a broader shift in how traditional finance engages with decentralized technologies. What was once mocked as a fringe experiment is now forcing legacy institutions to reconsider their assumptions about money, value, and control.
Bitcoin’s journey from $15 to $100,000 isn’t just a price story — it’s a narrative about innovation overcoming resistance. It underscores the power of open-source collaboration, cryptographic security, and financial sovereignty.
As more people gain access to digital wallets, exchanges, and self-custody tools, the idea of financial inclusion without intermediaries becomes increasingly viable.
Core Keywords: Bitcoin, cryptocurrency, Financial Times, FT Alphaville, digital asset, blockchain technology, store of value, Bitcoin ETF