The Australian Bitcoin Trade Physique (ABIB), a crypto trade group, says it has filed a proper criticism in opposition to the Australian Broadcasting Company, to appropriate a latest article contained a number of misrepresentations and factual errors about Bitcoin.
In its criticism, ABIB claimed that the article painted Bitcoin (BTC) as risky, a device for criminals, and ignored the advantages of Bitcoin for vitality grids and humanitarian functions.
“The article misrepresented Bitcoin’s goal, conflated it with felony exercise, omitted long-standing publicly accessible data, and relied on sensational language fairly than proof to tell readers,” ABIB alleges.
“It ignored well-documented international and native use instances… [and] successfully decreased its protection to outdated & deceptive tropes, and narratives on worth swings and US politics.”
The ABIB mentioned on X that the “one-sided framing” breached the broadcaster’s editorial insurance policies and code of conduct. Its criticism outlines which sections of the article it needs corrected and which editorial coverage has been breached. Underneath its code of apply, the ABC has 60 days to answer the criticism.
The ABC is the nation’s nationwide public broadcaster, funded by the Australian federal authorities, and administered by a government-appointed board of administrators. Its month-to-month readership was estimated to be over 12 million in October, in response to the digital viewers‑measurement system, Ipsos Iris.
ABC informed Cointelegraph it was not conscious of the criticism right now.
Within the occasion the broadcaster doesn’t reply, or the ABIB is dissatisfied with the treatment, the matter might be escalated to the Australian Communications and Media Authority (ACMA), which has the choice to open an investigation, and if a breach is discovered, take enforcement actions, similar to a warning, infringement discover or make a licensing resolution.
Solely 0.14% of onchain txs are felony
The ABC article, revealed on Tuesday, portrayed Bitcoin as a invaluable device for criminals, regardless of fiat forex nonetheless being extra steadily used for illicit actions.
“Whereas Bitcoin stays on the radar as a great tool for these working within the shadows — together with crime gangs dealing medication or weapons and shady governments needing to shift reserves — this function has been usurped by stablecoins, significantly one often known as Tether,” the article acknowledged.
A January report from blockchain knowledge platform Chainalysis proves this improper. It discovered that simply 0.14% of whole onchain transaction quantity was related to potential felony exercise in 2024. In comparison with fiat, the United Nations Workplace on Medicine and Crime estimates that the worldwide felony proceeds make up a median of three.6% of worldwide home product.
Bitcoin seen as a retailer of wealth
Different claims within the ABC article are that Bitcoin has by no means achieved any of its acknowledged targets and has no sensible goal; it’s hardly ever utilized in official transactions and is not thought-about a dependable retailer of wealth.
Nonetheless, institutional adoption of Bitcoin and cryptocurrencies has been accelerating during the last two years via funding autos like exchange-traded funds and digital asset treasuries.
BitBo estimates publicly traded and personal corporations, ETFs and international locations maintain over 3.7 million Bitcoin, price over $341 billion.
On the identical time, banks and funding managers, even those that have been as soon as skeptical, have begun to make gradual advances within the house.
On Monday, Vanguard, the world’s second-largest asset supervisor, introduced that it could begin permitting its purchasers to commerce crypto ETFs on its platform, reversing its earlier stance.
Crypto misinformation is an issue in MSM, says foyer
Market intelligence agency Notion launched a July report on mainstream media protection on crypto in Q2, and located that 31% of the articles revealed by the 18 retailers it noticed for the examine have been optimistic, 41% have been impartial, and 28% have been detrimental.
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ABIB mentioned members of the general public steadily contact it about misrepresentation of Bitcoin in Australian media, significantly from publicly funded establishments.
“Bitcoin deserves knowledgeable, accountable protection, not dismissal via outdated narratives,” the trade physique mentioned.
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