The hullabaloo over the concept of cryptocurrency and the concerns associated with it is a hot topic amongst the various media groups. However, crypto enthusiasts have pointed out that media firms behavior towards cryptocurrency is unjust. They highlighted that media firms have an anti-bitcoin approach and are publishing articles criticizing cryptocurrency.
The researchers argued that the media outlets weren’t bothered about cryptocurrency until it caught the momentum. As the virtual currency started climbing in value it attracted the attention of mainstream media. Those in favor of cryptocurrency brought to notice that media is publishing articles that are blown out of proportion and the write-ups are misleading the public.
As the reports of the bitcoin plunge started doing the rounds, media groups began their negative mouthing and criticized the virtual coin. The crypto meltdown at the end of the year created a “press frenzy” as the number of articles shot up. “In the wake of bitcoin’s market cap plunge in the final days of 2017, negative articles multiplied — with cryptocurrencies falling 34 percent in the first month of 2018, cautionary tales of vanished wealth were common,” the researchers note, as reported on Bitcoin News.
Long established media firms were harsh in there articles compared to the naive. Giant media houses were particularly ruthless with their cryptocurrency coverage. The analysts also pointed out that media is incompetent and posses incomplete knowledge regarding cryptocurrency. Firstly, they always arrive late to the party after the crypto market is either in the skies or has crashed. And they react differently to the upsides and downsides. So differently, that their opinions and predictions about Bitcoin are conflicting, as mentioned on Cryptopotato.
Many mainstream media groups don’t like to praise Bitcoin but when it comes to Ripple they have a different opinion to express. During XRP’s bull run in 2017, they have expressed positive news about Ripple regarding the coin’s price surge; while they never did it for Bitcoin.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]