Bitcoin Vs. Cannabis: BTC Rallies Against Cannabis Stocks
It’s been recently reported that CNBC has been controversial in the Bitcoin and crypto community for quite a while now.
Since it began to cover the crypto space back in 2017, the outlet has been reportedly become popular for making bad calls on crypto, notes Ethereum World News.
The online publication notes that one analysis that has been completed by trader Jacob Canfield has revealed that CNBC’s coverage of the BTC market has been a counter indicator 95% of the time in much of 2018.
CNBC’s counter indicator
In other words, when the prominent outlet has published an article or segment in which they noted that BTC would go up, it actually fell, according to the online publication which notes that the inverse was also true.
“The counter indicator has purportedly struck again. As noted by analyst Ceteris Paribus, who cited data from Messari’s OnChainFX, Bitcoin has rallied strongly against cannabis stocks in the past four months.”
They note that since February 22nd, which is when CNBC published a quote from a “wealth advisor” that said investors should dump their BTC for weed stocks, “Bitcoin has rallied by a jaw-dropping 167%.”
This was their article:
Forget bitcoin, cannabis is the place to go, says U.S. wealth advisor. https://t.co/RxDTJLHgfy
— CNBC (@CNBC) June 23, 2019
During the very same time frame, some of the “hottest weed stocks”, lost much of their value.
In fact, since the CNBC report, Tilray has lost 45%, as CannTrust lost 71%.
Positive predictions on the price of BTC
At the moment, the most important crypto in the market is trading in the red and BTC is priced at $10,186.66 on CMC.
BTC-related predictions are pretty bullish these days, despite the correction that the coin has suffered.
For instance, trader and analyst Tone Vays said not too long ago that if BTC can break past $11,050, there’s little preventing that the most important crypto in the space surges to $14k in the short term.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.