Do digital assets receive unfair financial reportage?
Should the media be celebrating crypto crashes?
If you do a quick search regarding crypto, you’ll be bombarded with headlines regarding crashes, scams, and legal battles. It does appear that the media seems to only report on the negatives in the blockchain sphere, ultimately capitalising and finding pleasure in people’s pain. Is this fair, though?
Whether it’s the Hermes case, the FTX crash, or the bear market. Mass scrutiny by the media has an unparallel potential to sway people’s minds. This could be negative in the long run, though. We’re going to explore whether crypto gets unfairly reported on, whether it’s warranted, and the potential issues that may derive from this.
Why is this an issue?
You may be wondering, why the media reporting only the negatives matter. Won’t people make their own decision on such things? However, as we already know, people don’t tend to fact-check news articles, leading to opinions being formed purely from the alliance that a specific writer chose to take. History and present-day have shown why this is extremely problematic.
In terms of crypto, the negativity surrounding crypto has led to an unobjective evaluation of a technology that is (whether you like it or not) here to stay. During such economic turmoil, some have suggested that the insistent focus on crypto is a way to distract people from the cost-of-living crisis and energy crisis. This may be a large assumption, though.
Journalists have even admitted that they don’t understand NFTs and crypto, which adds to their frustration. This begs the question “should we be listening to people about a subject that they are not clued up on at best and do not understand at worst.” Of course, many things in the industry deserve scrutiny. However, the generalisations are holding people back from embracing and developing new technologies that may benefit the world.
Does crypto have a political standing?
There does seem to be political polarization when it comes to crypto. With the right rushing to embrace the technology and the left avoiding it. However, crypto is not inherently political, and the idea of it falling under one bracket is rather ludicrous when you dive deeper. You can like or dislike crypto regardless of your political persuasion.
It doesn’t make any sense when you legitimately think about it, but media reporting could be to blame for this division.
Over the last few years, crypto has evolved drastically and isn’t dominated by the old-school bitcoiners that we were first introduced to. It has become less power-intensive to help with the environmental toll, for example. We can predict that it will become less partisan as it develops, but politicians and the media will play a big part in this.
Crypto needs the media
There’s no denying that the recent market turmoil doesn’t deserve certain attention. Impartial reporting on the good and the bad is imperative and something that we support.
Crypto also needs the media’s help in helping to distinguish between real and fake creations. More information on regulations and laws may help the public make better-informed decisions. Also, a focus on the positives could show how technology is and will change the world.
What do we do?
We have a heavy focus on critical thinking in the crypto and blockchain sphere. We provide helpful insights and information about regulations, laws, news, and any changes that everybody should be aware of. We hope to educate and help. We believe this conversation and critical evaluation of the ecosystem will benefit people inside and outside of the crypto industry.
Come and join us if you’re interested. Let us know if you agree and what apprehensions you have regarding crypto.
Everything in this is opinion-based and created to craft a discussion.