On-Air Screw-Up: Fox Business Correspondent Claims Entire Bitcoin Supply Is Lost

Tony "The Bull" Severino

1 year ago

3 mins read

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Created by industry experts and meticulously reviewed

The highest standards in reporting and publishing

How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Bitcoin is the talk of mainstream media, Wall Street, business, and more. No television segment on finance these days doesn’t include a mention of the top cryptocurrency.

But it has unfortunately led to some serious blunders, and misinformation being spread. A recent example is especially laughable and demonstrates how poorly researched news anchors or their writers can be, as one Fox Business correspondent is claiming the entire BTC supply has been lost or stranded in what he says could “be the premise for a great movie” – a movie that’s entirely fiction.

Fact Or Fiction: Don’t Beleive What You Read About Bitcoin In The Media

Bitcoin has been around for well over a decade now. By the time it took the world by storm in 2017, the majority of the mainstream public still hadn’t yet heard of the cryptocurrency

It is now three full years later and the cryptocurrency is back in the limelight, yet a clear lack of understanding remains in the media and in the general public.

Not only is misinformation spread on purpose by those opposed to the asset class, such as Peter Schiff, Nouriel Roubini, and others, but even public figures do so inadvertently.

As was the case recently on Fox Business News, where a correspondent was covering a story related to the currently trending cryptocurrency. The screw-up showed just how little the journalist knew about Bitcoin and how little research had been done on the subject.

How far must Bitcoin climb for misinformation to stop? | Source: BTCUSD on TradingView.com

Fox Business Correspondent Claims Entire BTC Supply Is Lost In Misinformation Blunder

The news itself that was being covered isn’t new, and in fact, the victim lost his Bitcoin years ago. The story dates back as far as 2013 on NPR but was recently brought back to light in The New York Times because the surging asset is the hottest topic around.

An early crypto pioneer lost over 7000 BTC and only has two password attempts left before it is locked away forever. The Fox Business News correspondent or his team of writers mixed nearly every detail, and instead he claimed 18.5 million Bitcoins were lost or “stranded’ forever.

Worse yet, the correspondent claimed the 18.5 million BTC was worth $140 billion. The cryptocurrency’s market cap is currently around $676 billion, and the 700 BTC lost at current prices is worth around $250 million. Nearly no point of data cited was accurate, and no, the entire supply of BTC isn’t lost or stranded – but it is being held tightly.

While the offense was rather harmless, and only paints the correspondent themselves as uninformed, misinformation will continue to be a thorn in the side of Bitcoin for a long time to come.

Featured image from Deposit Photos, Charts from TradingView.com

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.