2022 In Review: The Media’s Stigma Around Cryptocurrency Persists

Written by: Bridgit Murphy, a blockchain technology engineer specializing in integrated online services, smart contracts, fork development, and quality assurance. An open-source enthusiast, Murphy recently relocated from her hometown of Dublin to Hong Kong.

Let’s not beat around the bush. The cryptocurrency industry has had its back against the wall ever since it emerged on the scene back in 2009.

News outlets, financial institutions, and government regulators have either dismissed or outright condemned digital currencies since day one, which has cast a long shadow over the industry.

However, while some of the negativity and skepticism is warranted, much of it is simply rooted in fear, bias, or lack of understanding. This is particularly true when it comes to mainstream media, which is often guilty of misrepresenting the facts or painting too broad a brush.

The Strained Relationship Between Crypto and the Press

There is no disputing that the negative coverage of crypto projects and blockchain technology has hampered its adoption, even despite its potential to revolutionize the digital world like no other technology before it.

Even now, after many years of progress, the majority of mainstream news outlets still report on cryptocurrency projects with cynicism and mistrust. 

This is evidenced by the fact that the vast majority of articles tend to focus on hacking, scams, and other sensationalist stories, rather than educating and spreading awareness about the technology’s true potential.

Just look at the vague and almost slanderous headlines that some of the biggest publications have come up with over the years:

• How Bitcoin is fueling America’s opioid crisis – CNBC
• Crypto Increasingly Used In Human/Drug Trafficking – Forbes
• How crypto giant Binance became a hub for hackers, fraudsters, and drug traffickers – Reuters

Crypto scams are on the rise, draining more than $1 billion last year – WSP

Such headlines are not only misleading, but they also perpetuate some of the most common stigmas around cryptocurrency projects in the mainstream media. 

These negative stereotypes have dominated the online discourse for years, which has only made it harder for crypto projects to gain mainstream acceptance.

The Rise of Crypto-Native Media

After a while, it became clear that the mainstream media’s hostile attitude towards cryptocurrency was not going to change anytime soon. This prompted many of the industry’s leading voices to start their own digital publications and media channels.

These crypto-native media outlets were set up with the intention of providing an alternative to mainstream media, and creating an independent platform where the true potential of digital currencies could be discussed without censorship, bias, or misrepresentation.

Not only did this give crypto projects a much-needed voice, but it also provided the industry with an invaluable platform to challenge traditional media’s one-dimensional view of Web3, as well as a direct line to an engaged and informed audience.

Today, these outlets are some of the most authoritative sources for crypto news and analysis in the industry, with millions of readers visiting their sites on a daily basis.

Along with CryptoGlobe, sites like CoinDesk, Cointelegraph, The Block, and Decrypt all provide valuable coverage of the crypto industry and are helping to drive more positive conversations about crypto projects in the mainstream media.

Crypto Newswire Integration

In traditional media, newswire syndication services such as PR Newswire, Business Wire, and ACCESSWIRE are often used to distribute press releases or other announcements from companies.

This is an elementary method companies use to communicate with their audiences and is also something that the crypto industry has been disconnected from for quite some time.

The reasons for this are multifaceted, but it primarily boils down to the fact that traditional newswire services are just not geared toward crypto projects and do not offer substantial reach across crypto-native media.

However, there are some newswire syndication services that have been specifically created for the Web3 industry, such as Chainwire, that look to bridge the gap and provide crypto projects access to the same level of exposure that their traditional counterparts have.

“PR newswire services play an important role in the traditional media ecosystem, and it’s high time we had something that catered to the needs of crypto projects,” said Chainwire CMO, Alon Keren.

“The ongoing bias and misrepresentation of the industry by traditional media outlets have been incredibly detrimental to crypto’s growth and development, so it’s important that Web3 projects are given access to the same level of visibility that has been afforded to their traditional counterparts for so many years,” he added.

Will the Media Ever Give Its Blessing to Crypto?

Cryptocurrency projects have faced an uphill battle to gain acceptance in traditional media, but the emergence of crypto-native outlets has given the industry a much-needed platform to challenge the status quo.

Whether or not traditional media will ever accept the crypto industry is still up for debate, but with the emergence of more crypto-focused media channels, it’s clear that the industry is making significant strides toward achieving mainstream acceptance.

Until then, crypto projects can rest assured that there’s a place for them to reach an engaged and informed audience without the fear of censorship or misrepresentation.

Image Source

Featured image via Pixabay.

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