New CNBC Documentary Explores the Cultism of Bitcoin
To outsiders, Bitcoin is a weird and wacky cult. Its devotees adhere to their acronym-filled jargon, and also have monetary theories that could make an economist blanch. Some of the movement’s more maverick personalities are to be profiled in a CNBC documentary premiering that Monday. “Bitcoin: Boom or Bust” seems to be crass and persuasive in equal measure.
It is not even aired, and CNBC’s brand new Bitcoin documentary has already ired the neighborhood it is depicting. In the 90-second trailer alone, Bitcoin purists have discovered plenty to pick on, such as the widely shared misconception which”hodl” is an acronym for”Hold on for Dear Life”, as opposed to a simple misspelling of”grip”. There is also the simple fact that the documentary has chosen to focus on a Bitcoin zealot who is moved into a treehouse (that he heats with bitcoin miners) to minimize his outgoings.
Boring subjects make for boring tv, and so it figures that CNBC would need to zero in on one of the more bizarre members of the Bitcoin community. Not merely is it interviewee Justin, who goes by the alias”Crypto Kid”, a devout hodler who refuses to sell his cherished BTC, but he’s of the opinion that dealers are”traitors”. That’s taking bitcoin maximalism to its absolute extreme. Oh, and he is also a furry.
CNBC Is the Home of Controversial Bitcoin Reporting
CNBC brings a whole lot of derision from the crypto community, also continues to be memed over its frequently inaccurate price forecasts and unfortunate timing, for example instructing viewers how to buy ripple close to its all-time large. Actually one dealer, Jacob Canfield, asserts that CNBC’s bitcoin predictions provide a near-perfect contra-indicator. Do the reverse of what CNBC urges, he claims, and you’re going to win 95 percent of the time.
Of”Bitcoin: Boom or Bust”, the system trailer yells:”This CNBC original documentary investigates the contentious and elusive world of bitcoin, the cryptocurrency that ignited a worldwide frenzy. Could it be the future of fund, a bubble worse? Anchor Melissa Lee follows a throw of attractive characters to discover.”
Though hating on CNBC is de rigueur from cryptocurrency circles, the system has done more than most to increase awareness of bitcoin — even if it’s frequently for all of the wrong reasons. When “Bitcoin: Boom or Bust” airs on Monday, August 27 at 6PM EST, it is safe to forecast that a great proportion of bitcoiners would probably be observing.