ABC criticizes Bitcoin as a high-risk, high-volatility punt, ABIB files complaint
The post ABC criticizes Bitcoin as a high-risk, high-volatility punt, ABIB files complaint appeared on BitcoinEthereumNews.com.
The Australian Bitcoin Industry Body (ABIB) filed a complaint with the Australian Broadcasting Corporation against ABC News, Australia’s government-funded public broadcaster, over several factual errors and one-sided framing in a recent crypto coverage. The Australian Bitcoin Industry Body cited “misrepresented Bitcoin’s purpose, conflated it with criminal activity, omitted long-standing publicly available information, and relied on sensational language rather than evidence.” According to them, ABC ignored well-documented global and local use cases, including energy grid stabilization and humanitarian remittances, as well as merchant adoption and sovereign reserves, which effectively reduced its coverage to outdated & misleading tropes and narratives on price swings and US politics. ABC criticizes Bitcoin as a high-risk, high-volatility punt ABC, the nation’s largest media organization, which operates television, radio, and digital news services, published the contested piece on December 1. It analysed Bitcoin’s recent price volatility while questioning its utility. The article written by chief business correspondent Ian Verrender stated, “Conceived almost 18 years ago by the mysterious Satoshi Nakamoto, or someone acting under that name, Bitcoin has never realised any of its stated goals and has no useful purpose. It hasn’t replaced the global financial system and is rarely used in ordinary, legitimate transactions.” The article also described Bitcoin as increasingly volatile and that it is no longer considered a store of wealth. “And now it seems likely that even those engaged in nefarious dealings are shying away from it,” the article continues. Additionally, the article highlighted that Bitcoin will not challenge the global dominance of the US dollar and that it no longer even pretends to be in a position to replace the greenback. Instead, it is now behaving less like the digital gold it was once hailed as and increasingly like a high-risk, high-volatile punt. And it is getting worse. ABIB stated that the…
