A cryptocurrency industry organization has formally complained to the Australian Broadcasting Corporation (ABC) regarding a recent article that contains multiple erroneous statements and factual inaccuracies about Bitcoin, requesting corrections.
In the complaint, the Australian Bitcoin Industry Body (ABIB) claims that the article describes Bitcoin as a highly volatile tool used by criminals while ignoring its benefits in energy grids and humanitarian uses.
“The article distorts the purpose of Bitcoin, conflating it with criminal activity, neglecting long-available public information, and relying on sensational language rather than evidence to inform readers,” stated ABIB.
ABIB expressed on X that the “one-sided framework” violates the broadcasting organization's editorial policies and code of conduct. Its complaint lists the parts of the article it wishes to have corrected and the editorial policies that were violated. According to its code of conduct, ABC has 60 days to respond to the complaint.
ABC is the national public broadcaster of the country, funded by the Australian federal government and managed by a government-appointed board. According to the digital audience measurement system Ipsos Iris, its estimated monthly readership in October exceeded 12 million.
ABC told Cointelegraph that it is not yet aware of the complaint.
If the broadcasting organization does not respond, or if ABIB is dissatisfied with the remedial measures, the matter can be escalated to the Australian Communications and Media Authority, which may choose to investigate and take enforcement action if violations are found, such as issuing warnings, violation notices, or making licensing decisions.
An article published by ABC on Tuesday portrayed Bitcoin as a highly valuable tool for criminals, despite the fact that the use of fiat currency in illegal activities remains more frequent.
“While Bitcoin is still seen as a useful tool by those operating in the shadows—including criminal gangs trafficking drugs or weapons, and shadowy governments needing to move reserves—this role has been supplanted by stablecoins, particularly one called Tether,” the article stated.
A report released by blockchain data platform Chainalysis in January refuted this claim. The report found that only 0.14% of total on-chain transaction volume in 2024 was related to potential criminal activity. In contrast, the United Nations Office on Drugs and Crime previously estimated that global criminal proceeds account for an average of 3.6% of global GDP.
Other assertions in the ABC article included: Bitcoin has never achieved any established goals and has no practical use; it is rarely used for legitimate transactions and is no longer seen as a reliable store of value.
However, over the past two years, institutional adoption of Bitcoin and cryptocurrencies has been accelerating through investment tools such as exchange-traded funds (ETFs) and digital asset vaults.
BitBo estimates that listed and unlisted companies, ETFs, and nations collectively hold over 3.7 million Bitcoins, valued at over $341 billion.
Meanwhile, banks and investment management institutions, even those that were once skeptical, have begun to make cautious advances in the field.
On Monday, Vanguard, the world's second-largest asset management company, announced that it would start allowing its clients to trade crypto ETFs on its platform, reversing its previous stance.
Market intelligence company Perception released a report in July on mainstream media coverage of cryptocurrencies for the second quarter, finding that 31% of the articles published by the 18 media outlets it observed were positive, 41% were neutral, and 28% were negative.
ABIB stated that the public often contacts them regarding the Australian media, especially publicly funded organizations, for their inaccurate reporting on Bitcoin.
“Bitcoin deserves informed and responsible reporting, not to be dismissed by outdated narratives,” the industry body stated.
Related: Bitcoin (BTC) surged to $93,000 after a pullback on Sunday, with analysts eyeing the $100,000 mark.
Original article: “Cryptocurrency Lobby Group Complains, Condemns ABC's 'Sensational' Bitcoin Reporting”
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