Crypto Lobby Criticizes ABC’s ‘Sensational’ Article on Bitcoin

The Australian Bitcoin Industry Body (ABIB), a group representing the Bitcoin sector, has formally complained to the Australian Broadcasting Corporation (ABC) regarding a recent article that allegedly contains various inaccuracies and misrepresentations about Bitcoin.

Key Takeaways

The ABIB has lodged a complaint against ABC for misrepresenting Bitcoin.
The complaint highlights the article’s focus on Bitcoin's criminal ties and ignores its positive uses.
ABIB claims that the article violates editorial policies and standards set by ABC.
Only a small percentage (0.14%) of Bitcoin transactions are linked to criminal activities.
Bitcoin is increasingly recognized as a legitimate store of wealth and is being adopted by institutions.
Public perception of Bitcoin is often shaped by negative media portrayals.

Crypto lobby slams ABC’s ‘sensational’ Bitcoin article in complaint

Formal Complaint Filed

The ABIB asserts that the ABC's article depicts Bitcoin as a volatile currency often used by criminals while neglecting its positive contributions to energy grids and humanitarian efforts.

In its complaint, ABIB argues, "The article misrepresented Bitcoin’s purpose, conflated it with criminal activity, omitted information that is publicly available, and relied on sensationalist language instead of factual evidence." The organization also stated on their social media that the article's "one-sided framing" violates the broadcaster's editorial guidelines. The complaint specifies which parts of the article require correction and identifies the breached editorial standards. The ABC has 60 days to respond under its code of practice.

The ABC is Australia's national public broadcaster, financed by the federal government and overseen by a government-appointed board. As of October, its monthly readership was estimated to exceed 12 million, according to Ipsos Iris, a digital audience-measurement system. The ABC informed Cointelegraph that it is currently unaware of the complaint.

Image Source: Australian Bitcoin Industry Body

If the broadcaster fails to respond adequately or if ABIB finds the solution unsatisfactory, the issue could be escalated to the Australian Communications and Media Authority (ACMA). The ACMA can initiate an investigation and potentially enforce measures such as warnings or licensing decisions.

Misconceptions About Bitcoin's Role

The ABC article, which was published on Tuesday, presents Bitcoin as a significant tool for illicit activities, despite evidence indicating that traditional fiat currencies are still predominantly used for these purposes.

The article states, "While Bitcoin remains on the radar as a useful tool for those operating in the shadows — including crime gangs dealing drugs or weapons and shady governments needing to shift reserves — this role has been usurped by stablecoins, particularly one known as Tether."

However, a January report by blockchain analytics company Chainalysis contradicts this view, revealing that merely 0.14% of all on-chain transaction volume was associated with potential criminal activity in 2024. In comparison, the United Nations Office on Drugs and Crime estimates that criminal proceeds in fiat currency make up about 3.6% of the global domestic product.

Image Source: ABC

Bitcoin's Growing Acceptance

The ABC article also suggested that Bitcoin has failed to meet its objectives and lacks practical applications. It claimed Bitcoin is seldom used in legitimate transactions and no longer serves as a reliable store of wealth.

Image Source: ABC

Contrary to these claims, significant institutional adoption of Bitcoin and cryptocurrencies has been observed in recent years, facilitated by investment tools such as exchange-traded funds (ETFs) and digital asset treasuries. According to BitBo, both publicly traded and private entities, including countries and ETFs, hold over 3.7 million Bitcoins valued at more than $341 billion. Additionally, financial institutions, including banks and investment managers who were once skeptical, are beginning to embrace the crypto space. Just recently, Vanguard, the world’s second-largest asset manager, announced they would allow clients to trade crypto ETFs on their platform, reversing their previous stance.

Addressing Misinformation in Media

A report from market intelligence company Perception found that in the second quarter of this year, 31% of articles about cryptocurrencies published by 18 media outlets were positive, 41% were neutral, and 28% were negative.

The ABIB indicated that many individuals contact them about the misrepresentation of Bitcoin in Australian media, particularly from publicly funded entities. They emphasized that Bitcoin merits fair and well-informed coverage rather than being dismissed through outdated narratives.

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