Bitcoin "Going to the Moon"

FOX News has joined the mainstream networks bullish on Bitcoin, embracing claims it could reach up to $1 bln.

In a segment of Making Money June 30, anchor Charles Payne hosted a celebration of Bitcoin, the latest rally of which could see it reach $1 mln “within the next few years,” he agreed.

“For the most part we wrote it off as technology’s answer to Beanie Babies,” Payne began, “Well, it’s back, and this time this rally feels different.”

FOX joins networks such as CNBC in its newfound love of virtual currency, which until 2017 regularly received derogatory reviews from hosts and experts alike.

As Bitcoin circles $2,500 per coin, speculating over its price within five or ten years has become a new favorite sport of finance media looking to get investors excited.

“The reason Bitcoin is a financial revolution is because it’s decentralized,” Payne’s guest Naomi Brockwell, former policy director at the New York Bitcoin Center said.

“The main people promoting this technology are those who understand that governments can be dangerous.”

Taking the current financial crisis in Venezuela, where Bitcoin is providing a genuine lifeline to those who would otherwise not be able to purchase essential goods, Brockwell added the future of the cryptocurrency could only be brighter.

“It’s going to the moon,” she concluded.

By the end of the segment, the $1 mln price forecast had meanwhile become $1 bln, albeit with no sources referenced.