Over the last few years, we can see an increase in trash moats – a gross explanation of the cryptocurrency technology with sensationalizing news and misinformation. For the large part, the popular media has done a disservice to crypto by talking wrongly about it. The primary representation of crypto in the mainstream media is filled with eccentric entrepreneurs, tech geeks, and memes. The idea transmitted is that of a large online community that does weird things and derives pleasure from strange activities. The fact that the ecosystem is a viable alternative of monetary structures has largely been ignored, if not misunderstood.
When the media talks about cryptocurrency, we do not usually think of it as a complementary system to help ease transactions. All the information promoted is largely based on sensationalizing news of stunning highs and lows. A bigger issue underlies this phenomenon – people are largely unaware of cryptocurrency.
People are also largely aware of many other technological innovations, but they do not get a bad name in the media. For instance, many people do not understand the fundamental concepts of artificial intelligence. However, the media treatment of the topic is serious. It is largely because there is often a corporate backing to these sectors. Cryptocurrency does not have a big name behind it, and no one to defend its misrepresentation. Many feel that the decentralized nature of crypto is the reason behind the lack of seriousness about it. It is worth waiting to see if big names’ involvement in crypto changes the scenario.