The relationship between crypto and mainstream media (MSM) is complex, and it’s probably fair to say that some in the crypto community haven’t been
The relationship between crypto and mainstream media (MSM) is complex, and it’s probably fair to say that some in the crypto community haven’t been overjoyed with the treatment they’ve received over the years.
MSM has largely ignored Bitcoin (BTC) and other cryptocurrencies outside of occasional reports of hacks, ransomware attacks and other illicit activities. “They’ve done a fairly poor job of coverage for the last decade and it’s almost always negative coverage,” Samson Mow, chief strategy officer at Blockstream and CEO at Pixelmatic, told Cointelegraph. “You’d be hard-pressed to find a positive piece of news about Bitcoin.”
But recently, the media has found much to report upon. For instance, The Economist ran its second crypto cover piece in as many months, while on Sept. 14, a member of The New York Times’ editorial board published an opinion piece that compared Bitcoin to “cosplay” (i.e., costume play) — probably not intended as a compliment.
The crypto/blockchain space may finally be getting the attention that befits an emerging $2 trillion economic sector, though a segment within the community says the mainstream media still doesn’t seem to “get it.” The Economist, for example, while generally acknowledging the significance of decentralized finance (DeFi) — saying it is deserving of “sober consideration” with a “potential to rewire how the financial system works” — remarked elsewhere that “Bitcoin, the first big blockchain, created in 2009, is now a distraction.”
It raises some questions: Assuming mainstream media is now truly engaged in reporting on crypto, is it getting it right? If understanding is lacking — i.e., a failure to understand crypto/blockchain’s true benefits and risks — what’s the sticking point? Overall, should the crypto community be vexed by MSM’s treatment, as it potentially hinders widespread adoption, or should they view it, on balance, as a sign of public blockchains’ growing acceptance?
“A positive development”
“It’s not the first time we see broad coverage of crypto assets in MSM,” Fabian Schär, professor in the business and economics department at the University of Basel, told Cointelegraph. The media’s focus seems to be cyclical, and it may be correlated with crypto market activity. “What’s new is that newspapers and magazines seem to talk less about prices and are starting to explore the benefits of public blockchains and decentralization,” said Schär. “This is a very positive development.”
MSM simply seems to be following the “influx” of mainstream financial institutions into the crypto space, which began to pick up in the second and third quarters of 2021, Sean Stein Smith, assistant professor in the Department of Economics and Business at Lehman College, told Cointelegraph, adding:
“The media is catching up to what financial institutions seem to have figured out earlier in the year. This catch-up is mirrored in the more aggressive approach recently seen by regulators.”
Kristin Smith, executive director of the Blockchain Association, agreed with Schär that MSM coverage tends to be “on again off again,” but it seems to be becoming more constant. “The increase in coverage of the regulatory environment, spurred on by the battle over the crypto tax provision in the current infrastructure bill, has reached a new level,” she told Cointelegraph, adding: “We expect that level of coverage to be maintained as crypto cements its place in the U.S. economy.”
The SALT Conference, a traditional hedge fund event that took place earlier this month in New York City, devoted a significant part of its agenda to crypto-related topics, noted Francine McKenna, adjunct professor at American University’s Kogod School of Business and publisher of accounting newsletter The Dig. “Now that you have the SALT conference with all the hedge funders taken up by the topic, it’s a must do” for MSM, she told Cointelegraph.
Bitcoin as a “distraction”
The perceived slights are still there — like The Economist characterizing Bitcoin as a “distraction” or The New York Times opinion writer describing Bitcoin users as “basically a bunch of cosplay libertarians participating in a game of make-believe on the playgrounds of the nanny state.” To the latter, Mow responded: “If Bitcoin is cosplay, it’s very high level cosplay.” McKenna added with regard to the venerated United Kingdom weekly: “They are notoriously conservative, status quo, and will not go where the wind blows unless it’s a hurricane.”
“They seem to, mainly, be missing the point,” observed Stein Smith regarding The Economist’s characterization. “Bitcoin may indeed be slipping from its unquestionable leadership position in the sector, but it still is absolutely the bellwether for the space at large.” Schär added that he does not see “Bitcoin as a distraction,” continuing:
“Bitcoin has some interesting…
cointelegraph.com