Fox News sister arm Fox Business broadcast a year-over-year top returns of cryptocurrencies showcasing the coins that delivered the best 'returns on investment' in FY20-21.
While Fox Business showcased top three cryptos, Bitcoin as +88%, Ethereum as +138%, Dogecoin as +1095% in the year-over-year returns, they missed out on reporting the biggest returns in the crypto market which is HEX, as it rose above all the mentioned coins and was up +24274% in a year's time.
The year-to-year chart shows that HEX has by far performed much better than the top three cryptos mentioned in the broadcast but FOX displayed a completely different picture.
The reason attributed to missing out on reporting the biggest gaining YoY coin HEX could be that media outlets are only looking at mainstream coins or have no knowledge, or limited knowledge about other coins that are not listed on major trading platforms such as Coinbase, Binance and Robinhood.
Mainstream business news channels, especially stock market channels, have recently started reporting on cryptocurrencies as millennials have ditched the traditional stocks and are seen investing in crypto market in droves.
Tesla CEO Elon Musk can be credited for making millions of people around the world to enter the cryptocurrency market after he purchased Dogecoins worth $1.5 billion in February 2021 and repeatedly tweeted about how great his decision was and his 'to the moon' tweets added new investors to the market who hope they too can cash out in the long run and turn millionaires.
Reports show that Dogecoin, Shiba Inu and SafeMoon added 78 million first-time Investors to the crypto market up until July 2021 and the numbers are only increasing by the day. Majority of new investors have poured in their money mostly in only these three meme-currencies as its affordable and available for less than a Cent.
Data collected by Crypto.com shows the number of investors worldwide reached 221 million in June 2021, while in February, 2021 before Musk's involvement in Doge, investors in the crypto market stood at around 143 million. It took just four months to add 78 million first-time investors compared to adding 65 million investors since Bitcoin's start in 2009.
New investors have purchased millions and billions of coins in the hopes that when it reaches to $1 or $0.1, they could turn millionaires and live a life with financial freedom, the same way stock market veterans have made their fortunes. Now would they all turn millionaires in the long run? Only time will tell.