The relationship between cryptocurrency and mainstream media (MSM) is complex, and it is probably fair to say that some in the crypto community are unhappy with the treatment they have received over the years.
MSM largely ignores Bitcoin (BTC) and other cryptocurrencies, except for occasional reports of hacks, ransomware attacks, and other illegal activities. “They have done a poor job of reporting over the past decade, and there is almost always negative coverage,” Samson Mo, Blockstream’s chief strategy officer and CEO of Pixelmatic, told Cointelegraph. “It will be difficult for you to find positive news about Bitcoin.”
But lately, the media has a lot to say. For example, The Economist released its second cryptocurrency cover in as many months, and on September 14 a member of The New York Times’ editorial staff published an article comparing Bitcoin to “cosplay” (perhaps fashion games) – which is probably not a compliment.
The crypto/blockchain space may finally get the attention it deserves for the growing $2 trillion economic sector, even though a certain segment of society says the mainstream media is still “not getting it.” … The Economist, for example, widely recognizes the importance of decentralized finance (DeFi) and states that it deserves a “sober assessment” with “the potential to reconnect with the way the financial system works,” and elsewhere notes that “Bitcoin, has become the first The main blockchain created in 2009 serves as a distraction.”
This raises some questions: Assuming that the mainstream media is already reporting on cryptocurrencies at the moment, is that correct? If there is no understanding – i.e. a lack of understanding of the true benefits and risks of cryptocurrency/blockchain – then what is the point? In general, should the crypto community care about the treatment of MSM as it is likely to hinder widespread adoption, or should it be seen on the balance sheet as a sign of increasing acceptance of the general ban?
“This is not the first time that we have seen extensive coverage of crypto assets on the MSM,” Fabian Scheer, a professor at the University of Basel’s School of Business and Economics, told Cointelegraph. The media appears to be cyclical and this could relate to the activity of the cryptocurrency market. “What is new is that newspapers and magazines do not seem to be talking about prices and are starting to explore the benefits of community clusters and decentralization,” Scheer said. – This is a very positive moment.
The MSM appears only to be watching the “flow” of traditional financial institutions into cryptocurrency, which began to gain momentum in the second and third quarters of 2021, Shaun Stein-Smith, associate professor of economics and business at Lehman College, told Cointelegraph, adding:
The media is catching up on what financial institutions learned earlier this year. This lag is reflected in the more aggressive approach that regulators have recently observed. ”
Kristen Smith, CEO of the Blockchain Association, agreed with Cher that communication with MSM tends to be “off again” but appears to be becoming more permanent. “The expansion of coverage of the regulatory environment, driven by the struggle to provide cryptocurrency in the existing infrastructure bill, has taken to a new level,” she told Cointelegraph, adding, “We expect the level of coverage to continue as cryptocurrencies strengthen their place in the US economy.” .
SALT, a traditional hedge fund event held earlier this month in New York City, has devoted a large part of its agenda to cryptocurrency-related topics, noted Francine McKenna, an assistant professor at American University’s Kogoda School of Business and Accountancy. Newsletter The Dig. “Now that you have the SALT conference where all the hedge sponsors are addressing this topic, it’s a must” for MSM, she told Cointelegraph.
Bitcoin a ‘distraction’
Perceived neglect still exists—for example, The Economist called Bitcoin a “distraction,” or a New York Times opinion writer, describing Bitcoin users as “a bunch of libertarians playing the game of faith in babysitting playgrounds.” Moe later replied, “If Bitcoin is my cosplay, then it’s my cosplay at a very high level.” McKenna added in a relatively prestigious British weekly: “They are remarkably conservative, they maintain the status quo, and they wouldn’t go where the wind was blowing. If it wasn’t a hurricane.”
Stein Smith noted of The Economist’s characterization: “They often seem to miss the point.” “Bitcoin may indeed escape its undisputed leadership in the sector, but this is still an absolute time for the space as a whole.” Scheer added that he does not see bitcoin as a distraction.