The cryptocurrency market has been growing rapidly, gaining significant traction in the past few years. However, the crypto space is still treated like a second fiddle to the equity markets.
This fact was unfortunately reaffirmed recently, this time by Yahoo Finance. Creator of Cardano Coin and Ethereum co-founder, Charles Hoskinson was invited for an interview with Yahoo Finance in New York. However, the news portal unapologetically dropped the plan, allegedly for covering the IPO of online transport portal Lyft.
The crypto tycoon was to be interviewed on last Thursday, by the popular publication and informed about it through a tweet. Sadly for Hoskinson, the date collided with the much awaited Lyft IPO. As the stocks started to soar, Yahoo Finance informed Hoskinson abruptly that his interview had been cancelled, without even apologising for wasting his time. Such moves are rather insulting for a man of Hoskinson’s stature, in fact for anyone. Hoskinson, himself termed this quite unprofessional and unethical on the publication’s part.
Hoskinson went to appeal other players of the crypto space to refrain from working with Yahoo Finance henceforth. On the other hand, Lyft had a fairly successful IPO, and had a great opening, valuing at around $20.5 billion. The company opened its share price at $72 apiece, considerably more than anticipated $62-$68. Nonetheless, it witnessed a strong buying trend, which pushed the share prices up to $88.
However, the shares saw a correction trend, as they were pulled down to $78 apiece on Friday. Then too, the initial buyers who bought them for $72 are already in the green patch. The prices are expected to further come down, as the company hasn’t yet made profits.
Cryptocurrency market has tremendous potential to change the global economic scenario, however, it requires external support from sections like banks and media, which have been more or less hostile towards it. Such incidents show that people have still not recognised the value of cryptocurrencies, and continue to give it a secondary status.
Experts have time and again stated that electronic money has the potential to pull countries out of economic crisis. Business giants including JPMorgan, Facebook, VISA and IBM have started to recognize the importance of digital currencies. JPMorgan became the first bank in the United States to launch its cryptocurrency. Social media behemoth Facebook is also in the final stages of launching its own Stablecoin focused on enhancing cross-border payments.
IBM recently launched a blockchain based global payments platform World Wire, operational in 72 countries and with 47 currencies, in collaboration with Stellar Coin. Similarly, payments giant VISA revealed last month that it will be integrating blockchain technology with its global operations in order to facilitate payments through digital tokens.
Hoskinson’s Cardano coin was in the news last week, as its price surged by 22% after a successful 1.5 upgrade. Earlier this year, Hoskinson was quoted saying that the crypto space is still looking for its “Bluetooth” or “Wi-Fi” moment, which means that it is looking for a breakthrough.
Ethereum is the second largest cryptocurrency in the world, and such ill-treatment of its co-founder is unfortunate. Media houses must follow proper ethics while setting up an interview. Hoskinson had already tweeted about the interview, and the abrupt cancellation for covering another story might have been extremely embarrassing for the invitee. Till date, Yahoo hasn’t apologised or made a public statement about this incident, which further highlights the carelessness and from the publication’s part.