In 2021, the FT said it "refuses to employ anyone who will pump" Bitcoin. In 2022, it called Bitcoin finance's "ultimate black box", reliant on "greater fools". Then in 2025, the FT wrote about Smarter Web. I remember being pleasantly surprised that they seemed to be opening up to the potential of Bitcoin and Bitcoin treasury companies. Now they're covering Bitcoin alongside gold, Treasury yields and dollar weakness - talking about the "debasement trade" and charting it like any other asset. I don't think the FT suddenly changed its mind. It's just that Bitcoin is becoming harder to dismiss. It's interesting to watch that shift. And it's not just the media. Institutional investors have moved a long way over the same period, from dismissing Bitcoin outright to starting to treat it as a legitimate part of a portfolio. But it's worth keeping some perspective. Compared to gold, or to the size of global markets more broadly, Bitcoin's total value is still small. We're only just getting started. LSE: #SWC# | OTCQB: $TSWCF | FRA: $3M8