Why Does the Media Dislike the Bitcoin Industry?
Bitcoin is a digital currency that’s generated and stored online via a peer-to-peer network. It is not backed by any government or bank and, as such, is considered to be both a currency and a payment method.
In the past few months, the Bitcoin industry has been in the media spotlight. From being a controversial topic being debated on mainstream talk shows to being the topic of a documentary, Bitcoin has been in the headlines of the business and financial world. Having said that, Bitcoin is a technology that is disruptive and far-reaching.
The Bitcoin industry has been plagued recently by a number of negative mainstream media articles. The articles were not positive in tone and focused on the negative aspects of the Bitcoin industry. They were also very unfairly negative in tone and focused on the negative aspects of the Bitcoin industry. Most of the articles claim that Bitcoin is a bubble and a Ponzi scheme.
The Bitcoin industry has been considered a thorn in the side of mainstream media for a while now. For one, the methods used to mine Bitcoin are considered to be environmentally destructive. For this reason, it is not a government-backed currency, making it a target for a number of thieves and hackers. Now, a government official has also declared it a “threat” to the national financial system, casting a shadow over the hardworking Bitcoin miners and traders that help keep the Bitcoin economy going.
Bitcoin is the most popular cryptocurrency in the world today. It’s decentralized, highly secure, and can be used to buy merchandise and services in more than 150 countries worldwide. While the media has recently discovered the Bitcoin industry, the truth is they have always hated it.
In recent years, the media has been reporting negative stories about Bitcoin, calling its prices a bubble and questioning its legitimacy as a currency. However, this isn’t the first time the media has had negative things to say about Bitcoin. The media has long been skeptical of more modern forms of currency. One of the reasons is that the media has an agenda to report on what they believe is important. If you understand the media’s agenda, you will see that the negative reporting of Bitcoin is just more of the same.
Over the past year, the media—particularly the financial news media—have developed a rather negative attitude toward the bitcoin industry. Unlike most markets, bitcoin is not regulated by the Federal Reserve, the Financial Stability Oversight Council, or the Securities and Exchange Commission. This lack of oversight is largely the result of bitcoin’s decentralized nature, which draws a lot of negative attention from the financial media.
A lot of people are concerned about the future of Bitcoin. Some believe that the recent correction is just the beginning of a long bear market; others are just an isolated event. Regardless of your views, one thing is for certain: the media is not generally supportive of the cryptocurrency industry. Why? Well, it’s not entirely clear, but it’s not hard to see why they would be. The media is interested in stamping out the next “tech bubble”, so their hands are tied when they come across issues like Bitcoin, which they perceive as a threat to their own business models.
In late 2017, the Bitcoin price surged. So much so that many media outlets declared it a bubble and a payment method that would soon collapse under its own weight. As a result, the altcoin market also collapsed, with a number of cryptocurrencies bringing a swift end to their short-lived successes. Then, in 2018, the price of Bitcoin made a sharp downtrend, struggling to break the $5,000 mark.
The mainstream media has an ongoing problem with the bitcoin industry, so much so that the Federal Bureau of Investigation has officially labeled the virtual currency as a “threat to national security.” But why? Unlike other industries, the bitcoin industry has no real centralized organization, so the media assumes there is no one in charge. The truth is there are plenty of people—managers, ambassadors, marketing directors—working to keep the bitcoin industry growing. The bitcoin industry just happens to be an industry that doesn’t have any mainstream media to cover it.
