The Australian Bitcoin Trade Physique (ABIB), a crypto business group, says it has filed a proper grievance in opposition to the Australian Broadcasting Company, to right a current article contained a number of misrepresentations and factual errors about Bitcoin.
In its grievance, ABIB claimed that the article painted Bitcoin (BTC) as unstable, a software for criminals, and ignored the advantages of Bitcoin for power grids and humanitarian functions.
“The article misrepresented Bitcoin’s function, conflated it with legal exercise, omitted long-standing publicly accessible info, and relied on sensational language moderately than proof to tell readers,” ABIB alleges.
“It ignored well-documented world and native use instances… [and] successfully diminished its protection to outdated & deceptive tropes, and narratives on value swings and US politics.”
The ABIB stated on X that the “one-sided framing” breached the broadcaster’s editorial insurance policies and code of conduct. Its grievance outlines which sections of the article it desires corrected and which editorial coverage has been breached. Beneath its code of observe, the ABC has 60 days to reply to the grievance.
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 accordance to the digital viewers‑measurement system, Ipsos Iris.
ABC instructed Cointelegraph it was not conscious of the grievance presently.
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, reminiscent of a warning, infringement discover or make a licensing choice.
Solely 0.14% of onchain txs are legal
The ABC article, revealed on Tuesday, portrayed Bitcoin as a worthwhile software for criminals, regardless of fiat foreign money nonetheless being extra steadily used for illicit actions.
“Whereas Bitcoin stays on the radar as a useful gizmo for these working within the shadows — together with crime gangs dealing medicine or weapons and shady governments needing to shift reserves — this function has been usurped by stablecoins, notably one referred to as Tether,” the article said.
A January report from blockchain knowledge platform Chainalysis proves this unsuitable. It discovered that simply 0.14% of whole onchain transaction quantity was related to potential legal exercise in 2024. In comparison with fiat, the United Nations Workplace on Medicine and Crime estimates that the worldwide legal proceeds make up a median of three.6% of world 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 said targets and has no sensible function; it’s not often utilized in legit transactions and is not thought of a dependable retailer of wealth.
Nevertheless, institutional adoption of Bitcoin and cryptocurrencies has been accelerating over the past two years by means of funding automobiles like exchange-traded funds and digital asset treasuries.
BitBo estimates publicly traded and personal corporations, ETFs and nations maintain over 3.7 million Bitcoin, price over $341 billion.
On the similar time, banks and funding managers, even those that had been as soon as skeptical, have begun to make sluggish advances within the area.
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 had been optimistic, 41% had been impartial, and 28% had been destructive.
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ABIB stated members of the general public steadily contact it about misrepresentation of Bitcoin in Australian media, notably from publicly funded establishments.
“Bitcoin deserves knowledgeable, accountable protection, not dismissal by means of outdated narratives,” the business physique stated.
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