New CNBC Documentary Explores the Cultism of Bitcoin

To outsiders, Bitcoin is a weird and wacky cult. Its devotees adhere to their own acronym-filled jargon, and have monetary theories that would make an economist blanch. Some of the movement’s more maverick characters are to be profiled in a CNBC documentary premiering this Monday. “Bitcoin: Boom or Bust” looks to be crass and compelling in equal measure.

Also read: Bitcoin Journalist Pioneer: Jamie Redman Has Over 2,000 Articles Published

HODL and Other Acronyms

It’s not even aired, and CNBC’s new Bitcoin documentary has already ired the community it’s depicting. From the 90-second trailer alone, Bitcoin purists have found plenty to pick on, including the widely shared misconception that “hodl” is an acronym for “Hold on for Dear Life”, as opposed to a simple misspelling of “hold”. There’s also the fact that the documentary has chosen to focus on a Bitcoin zealot who’s moved into a treehouse (which he heats with bitcoin miners) to minimize his outgoings.

Boring subjects make for boring television, and thus it figures that CNBC would want to zero in on one of the more eccentric members of the Bitcoin community. Not only is interviewee Justin, who goes by the alias “Crypto Kid”, a devout hodler who refuses to sell his precious BTC, but he is of the opinion that traders are “traitors”. That’s taking bitcoin maximalism to its absolute extreme. Oh, and he’s also a furry.

It's "HODL" and it's the most important acronym in the bitcoin vernacular. We explore the concept in "Bitcoin: Boom or Bust," premiering Monday, August 27 at 6 p.m. EST on CNBC. #BitcoinBoomOrBust #CNBCCrypto https://t.co/vgvshklCB0 pic.twitter.com/rV1N2kLCzy

— CNBC (@CNBC) August 25, 2018

CNBC Is the Home of Controversial Bitcoin Reporting

CNBC attracts a lot of derision in the crypto community, and has been mercilessly memed over its often inaccurate price predictions and unfortunate timing, such as teaching viewers how to purchase ripple near its all-time high. In fact one trader, Jacob Canfield, claims that CNBC’s bitcoin predictions provide a near-perfect contra-indicator. Do the opposite of what CNBC recommends, he asserts, and you’ll win 95% of the time. Canfield has lined up CNBC predictions with BTC price movements to back up his claims.

Of “Bitcoin: Boom or Bust”, the network preview teases: “This CNBC original documentary explores the elusive and controversial world of bitcoin, the cryptocurrency that sparked a global frenzy. Is it the future of finance, a bubble or worse? Anchor Melissa Lee follows a cast of captivating characters to find out.”

Even though hating on CNBC is de rigueur in cryptocurrency circles, the network has done more than most to raise awareness of bitcoin – even if it’s often for all the wrong reasons. When “Bitcoin: Boom or Bust” airs on Monday, August 27 at 6PM EST, it’s safe to predict that a good proportion of bitcoiners will be watching.

Will you be watching the CNBC documentary and what do you think of its bitcoin reporting? Let us know in the comments section below.

Images courtesy of CNBC.

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