The Motley Fool Slams Bitcoin: A Response

It is always nice to see Bitcoin getting coverage in the mainstream press, especially when you keep in mind the old adage that there’s no such thing as bad press. To be sure, when people read reports of Bitcoin being linked to terrorism, drugs, or any of the other bugbears they like to drag out to frighten their readers. People read the press, but they also are smart enough to know that not everything they hear is true. In this recent report on a Gallup poll, 60% of Americans have been ‘not much’ and ‘no trust at all’ in the ability of the press to report accurately and fairly.
It was for this reason that I was fairly happy to see the article 3 Reasons Bitcoin is Doomed to Fail by Jeremy Bowman on the Motley Fool. Before I start commenting on this article, though, I feel it’s necessary to talk about the website it appeared on: The Motley Fool, as these sites go, is pretty well known and respected in its field. They take a light-hearted approach to investment advice and claim to take a solid, grow-your-money-slowly approach. I personally began reading them pretty soon after they began publishing on AOL in the mid-90s. I’ve always kind of liked them, but have steered away from their paid material and taken their advice with the same grain of salt I take with any financial advice.
Now, the basic buy-and-hold strategy has been pretty good advice historically, and that’s how they get people liking and trusting them. Their real bread and butter comes from premium-content newsletters. As I’ve said, I’ve never bought any of these, but most of the commenters I’ve been able to find say that the stock picks here often border on speculation – not a Foolish core value.

This post was published at Bitcoin Warrior on 10/12/2014.

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