On Dec.12, 2024, The Economist published an article, title “Bitcoin is up 138% this year. It is a nonsense-free rally,” that recognizes the value of Bitcoin as a store of value.
This is far cry from the Economist in 2011 in which it discussed “the bursting of the Bitcoin bubble”:
Or the Economist in 2017:
What changed the Economist’s view in 2024? It recognizes that institutional investors are pouring huge sums of money into Bitcoin: “Hedge funds are the most prominent members of the new wave of investors. In the third quarter of the year, even before bitcoin’s recent surge, BlackRock’s bitcoin exchange-traded fund had grown to become the fourth-largest ETF in the hedge-fund world, with a
long position worth $3.8bn. A survey by PwC and the Alternative Investment Management Association suggests that 47% of traditional hedge funds now invest in digital assets, up from 21% in 2021.”
Plus, the Economist implicitly recognizes that the Trump Administration embraces Bitcoin: “If the regulatory threat to the industry does recede, it seems likely that the institutional adoption of crypto will accelerate, especially when it comes to bitcoin—tying the market closer still to more traditional ones.”