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

The Australian Bitcoin Industry Body (ABIB), a crypto manufacture group, says it has filed a ceremonial ailment against the Australian Broadcasting Corporation, to close a caller nonfiction contained respective misrepresentations and factual errors astir Bitcoin. 

In its complaint, ABIB claimed that the nonfiction painted Bitcoin (BTC) arsenic volatile, a instrumentality for criminals, and ignored the benefits of Bitcoin for vigor grids and humanitarian purposes. 

“The nonfiction misrepresented Bitcoin’s purpose, conflated it with transgression activity, omitted long-standing publically disposable information, and relied connected sensational connection alternatively than grounds to pass readers,” ABIB alleges. 

“It ignored well-documented planetary and section usage cases… [and] efficaciously reduced its sum to outdated & misleading tropes, and narratives connected terms swings and US politics.”

The ABIB said connected X that the “one-sided framing” breached the broadcaster’s editorial policies and codification of conduct. Its ailment outlines which sections of the nonfiction it wants corrected and which editorial argumentation has been breached. Under its codification of practice, the ABC has 60 days to respond to the complaint. 

The ABC is the country’s nationalist national broadcaster, funded by the Australian national government, and administered by a government-appointed committee of directors. Its monthly readership was estimated to beryllium implicit 12 cardinal successful October, according to the integer audience‑measurement system, Ipsos Iris. 

ABC told Cointelegraph it was not alert of the ailment astatine this time. 

Source: Australian Bitcoin Industry Body

In the lawsuit the broadcaster doesn’t respond, oregon the ABIB is dissatisfied with the remedy, the substance tin beryllium escalated to the Australian Communications and Media Authority (ACMA), which has the enactment to unfastened an investigation, and if a breach is found, instrumentality enforcement actions, specified arsenic a warning, infringement announcement oregon marque a licensing decision. 

Only 0.14% of onchain txs are criminal

The ABC article, published connected Tuesday, portrayed Bitcoin arsenic a invaluable instrumentality for criminals, contempt fiat currency inactive being much often utilized for illicit activities. 

“While Bitcoin remains connected the radar arsenic a utile instrumentality for those operating successful the shadows — including transgression gangs dealing drugs oregon weapons and shady governments needing to displacement reserves — this relation has been usurped by stablecoins, peculiarly 1 known arsenic Tether,” the nonfiction stated. 

A January study from blockchain information level Chainalysis proves this wrong. It found that conscionable 0.14% of full onchain transaction measurement was connected to imaginable transgression enactment successful 2024. Compared to fiat, the United Nations Office connected Drugs and Crime estimates that the planetary transgression proceeds marque up an mean of 3.6% of planetary home product.

The Australian Bitcoin Industry Body argues that respective claims astir Bitcoin successful the ABC nonfiction are incorrect oregon misrepresented. Source: ABC

Bitcoin seen arsenic a store of wealth 

Other claims successful the ABC nonfiction are that Bitcoin has ne'er achieved immoderate of its stated goals and has nary applicable purpose; it is seldom utilized successful morganatic transactions and is nary longer considered a reliable store of wealth. 

The ABC nonfiction besides argued that Bitcoin has ne'er achieved immoderate of its stated goals, has nary applicable intent and isn’t considered a store of wealth. Source: ABC

However, organization adoption of Bitcoin and cryptocurrencies has been accelerating implicit the past 2 years done concern vehicles similar exchange-traded funds and integer plus treasuries. 

BitBo estimates publically traded and backstage companies, ETFs and countries clasp implicit 3.7 cardinal Bitcoin, worthy implicit $341 billion. 

At the aforesaid time, banks and concern managers, even those who were erstwhile skeptical, person begun to marque dilatory advances successful the space. 

On Monday, Vanguard, the world’s second-largest plus manager, announced that it would commencement allowing its clients to commercialized crypto ETFs connected its platform, reversing its erstwhile stance.

Crypto misinformation is simply a occupation successful MSM, says lobby

Market quality steadfast Perception released a July study connected mainstream media coverage connected crypto successful Q2, and recovered that 31% of the articles published by the 18 outlets it observed for the survey were positive, 41% were neutral, and 28% were negative. 

Related: Bitcoin hits caller highs, gains stableness and standard successful its organization epoch — Will it last?

ABIB said members of the nationalist often interaction it astir misrepresentation of Bitcoin successful Australian media, peculiarly from publically funded institutions. 

“Bitcoin deserves informed, liable coverage, not dismissal done outdated narratives,” the manufacture assemblage said.

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