Recent developments in crypto, particularly Bitcoin’s price surge, starkly contrast with the continued skeptical and sensationalist coverage by legacy media.
Granted, Bitcoin’s journey in the digital currency landscape has often been tumultuous, marked by significant price fluctuations and evolving public perceptions. However, despite a remarkable 168% increase in value this year, Bitcoin continues to face a barrage of skepticism and negative framing in legacy media reports, except one.
New York Times
The New York Times repeated use of terms like “bet” in describing investments in Bitcoin ETFs subtly casts a speculative shadow over the cryptocurrency.
“A Bitcoin E.T.F. would allow investors who want to bet on the cryptocurrency to buy shares in a fund that holds the cryptocurrency without directly exposing them to the more volatile and chaotic digital asset markets.”
Similarly, the term “digital asset fans” used in the same article carries a slightly pejorative connotation, contrasting with the more neutral language typically employed for traditional investments.
The distinction between Bitcoin and the broader web3 sector remains blurred in such reporting. While Bitcoin has demonstrated resilience and growth, media narratives often conflate it with other aspects of the digital asset world, which have been more tumultuous.
“Digital asset prices have been battered by a year of token crashes, company scandals, bankruptcies and regulatory crackdowns.”
With Bitcoin over $43,000 when it started the year below $20,000, this amalgamation overlooks Bitcoin’s unique position and its distinct trajectory compared to the rest of the cryptocurrency market.
The portrayal of Bitcoin mining in media, particularly regarding energy consumption, is another area where sensationalism often overrides factual reporting.
“Bitcoin mines cash in on electricity — by devouring it, selling it, even turning it off — and they cause immense pollution. In many cases, the public pays a price.”
Again, the New York Times’ depiction of Bitcoin mining as an immense polluter during Texas’s Winter Storm Uri fails to acknowledge the industry’s significant strides toward renewable energy. Notably, firms like Riot have actively contributed energy back to the grid during crises, and the current renewable energy mix in Bitcoin mining surpasses 50%.
Riot even responded to the article, stating it operates in rural regions where wind and solar are “abundant and otherwise…
Click Here to Read the Full Original Article at Bitcoin (BTC) News | CryptoSlate…
