Cryptocurrencies aren’t still very well-understood, and much of that’s down to how the crypto market has been covered by the mainstream media. Most of the mainstream media reports on cryptocurrencies over the years have focused on illicit transactions, ransomware attacks, and hacks.
Samson Mow, the Pixelmatic CEO and Blockstream chief strategy officer, is one of those people from the crypto world who has not been impressed with how the mainstream media has reported on the crypto industry. According to Mow, the mainstream media coverage has almost always been negative, and it’s hard for anyone to find any kind of positive crypto news.
However, in 2021, things have slightly changed. While coverage mostly remains negative, mainstream media simply can’t ignore a $2 trillion industry anymore. According to most crypto proponents, most people working in the mainstream media sector don’t understand how cryptocurrencies work. So, the most obvious question is that if the mainstream media doesn’t understand cryptocurrencies, will its reports do more harm than good for the crypto industry?
Experts have suggested that the mainstream media’s coverage of cryptocurrencies is based on the crypto market’s ups and downs. Simply put, the more volatility the crypto market experiences, the greater the coverage. Some experts, such as Kristin Smith, the Blockchain Association’s executive director, are optimistic regarding the mainstream media’s crypto coverage. According to Smith, the level of coverage that the mainstream media has given to cryptocurrencies in 2021 will hopefully be maintained going into the future.
While cryptocurrency concepts such as blockchain, DeFi, and NFTs may be difficult to understand, there are certain courses available right now. The only hope is that the big players in mainstream media educate themselves about cryptocurrencies to ensure that their coverage remains free of any bias.