Why the Media Has a Prejudice Against Cryptocurrency

We’ve all noticed the bias, but why is this the case?

In recent years, the rapid rise of cryptocurrencies has captured the attention of individuals, governments, and financial institutions worldwide. As this decentralised digital currency revolutionises various industries, it has also become the subject of intense media scrutiny. While the media is supposed to strive to provide unbiased and objective coverage, it is evident that the media has exhibited a bias against cryptocurrencies. So, we thought we would explore some underlying reasons for this bias and its implications for public perception.

Lack of Understanding

One prominent reason behind the media’s bias against cryptocurrencies is the lack of understanding and unfamiliarity with the technology. This is a common theme with all new technologies. For instance, take one look at how the development of the internet was treated by the media (hint: it wasn’t in a positive light). Cryptocurrencies use complex principles, such as blockchain and cryptography, which can be challenging for not only journalists and mainstream media but the general public to comprehend fully. This knowledge gap often leads to oversimplification or misrepresentation of cryptocurrencies, resulting in negative or sceptical coverage.

Threat to Traditional Financial Systems

Cryptocurrencies pose a potential threat to established financial systems and institutions. As a disruptive technology, they challenge the centralised control of traditional banking systems, which are deeply ingrained in our society. It is no secret that the media is often influenced by powerful financial interests. For this reason, it very well may perceive cryptocurrencies as a destabilising force, leading to a biased portrayal that favours the status quo.
Whilst this may be airing from a more conspiratorial angle, it really isn’t hard to believe that the media can act in the interest of those who primarily fund it. This only emphasises the need for more independent media that reports from a more unbiased angle. This is the aim of Cryptolytx.

Volatility and Scams

The high volatility and prevalence of scams within the cryptocurrency space have made headlines, providing the media with ammunition to portray cryptocurrencies as inherently risky or fraudulent. While it is essential to acknowledge the risks associated with this emerging technology, focusing solely on negative aspects without highlighting the potential benefits perpetuates a biased narrative.
It’s also important to note that traditional finance is susceptible to scams. Need we bring up the multiple “once in a lifetime” banking crashes, too?

Lack of Regulation and Control

Cryptocurrencies operate independently of governmental control and regulatory oversight, which can make some policymakers and regulators uncomfortable. This discomfort often manifests in media coverage, with emphasis placed on potential risks and illegal activities associated with cryptocurrencies, rather than their potential for positive impact and innovation.
The recent SEC cases have also placed crypto in quite a negative light.

Traditional Media Business Interests

The traditional media industry relies heavily on advertising revenue, which is predominantly derived from established financial institutions and companies. Cryptocurrencies, with their decentralised nature and potential to disrupt traditional financial systems, can be seen as a direct challenge to these interests. The media’s bias against cryptocurrencies may, therefore, be influenced by financial motives, as negative coverage might protect the interests of their advertisers.

The media’s bias against cryptocurrencies has significant implications for public perception and understanding of this transformative technology. Sadly, biased reporting can hinder the adoption of cryptocurrencies by creating fear and uncertainty among the general public. Media outlets need to approach cryptocurrency coverage with objectivity and a willingness to explore both the risks and potential benefits.

As consumers of media, we should seek out diverse and balanced sources of information, empowering ourselves to form our own opinions based on a comprehensive understanding of cryptocurrencies. By doing so, we can counteract the prevailing bias and foster a more informed and nuanced discussion about the future of finance and technology.

At Cryptolytx, our goal is to make sure that everybody is knowledgeable about all the latest news regarding crypto and digital assets including all the newest developments. If you want to find out more about Cryptolytx you can request a demo of our site. Follow us on LinkedIn for more industry and company updates.