Mainstream Media Always Covers Crypto Crashes But Never Crypto Booms!

So, when a cryptocurrency like Bitcoin crashes, it means that its price value has depreciated by a certain percentage. Since the year began, we have witnessed cryptocurrencies like BTC crash and come back stronger, rising to a reasonable height before crashing and rising again.

On numerous occasions, the media has reported the crash of cryptocurrency. In early September, BTC crashed by almost $7k to $43k, a few hours after El Salvador’s announcement that it had adopted BTC as legal tender. The ban on cryptocurrency and its related activities by China in September was all over the news, and it affected the price of BTC, causing it to crash by almost 8%.

Another major hit on cryptocurrency happened in mid-June when China banned crypto mining in the country, leading to the mass exodus of miners to other regions with relaxing crypto laws. Not only did BTC’s price crash, but its hash rate declined slightly. The media have always reported crypto crashes, but why do they never do the same when there’s a crypto boom?

Why the Mainstream Media Always Report Crypto Crashes?

Many countries have not come to terms with the evolution of cryptocurrency and DeFi have brought to the financial sector. Of course, they have their doubts that cryptocurrency is a fad, and a trap to lure more people into impoverishment. They also believe that the emergence of cryptocurrency will destroy the traditional financial sector and become the new world order.

The media and several countries see cryptocurrency as a threat to national security. These digital assets have no centralized body to regulate them, and anyone who is partially tech-savvy can own a wallet and begin transacting. KYC requirements are barely needed, allowing everyone to own crypto and convert it to fiat. With poor KYC requirements, it’s difficult to track down a criminal, a terrorist, or a potential threat to the government. Interestingly, it has been identified that many criminals now use cryptocurrency to finance terrorist attacks and instigate cyberattacks. Corrupt officials are also using it to escape tax payments and other levies.

Coinbase, a popular exchange company disclosed that over 6000 of its customers have lost their cryptos to malicious players. Exchanges, such as Bilaxy and Poly Network, lost over $220M and $610M due to hacks. With traditional banking institutions, hacks of this magnitude are rare, and even if it does happen, the chances of finding the hacker are higher than exchanges. Those who lost their savings in cryptocurrency will remain poorer than they were.

Perceptions of Cryptocurrency

Many of these countries see BTC as a volatile asset that isn’t backed by anything. While speaking in an interview in September, Dimon, JP Morgan’s CEO, revealed that BTC was neither a currency nor a commodity. When asked about investing in BTC, he clearly stated that he wouldn’t think to invest his money in cryptocurrency. Another popular Bitcoin critic Peter Schiff has granted TV interviews in the past to label Bitcoin in a bad light. Several other individuals and world governments have identified the dangers of cryptocurrency and have implemented ways to downplay its bloom. One of the ways is through the mainstream media.

By covering crypto crashes, the media is indirectly cautioning everyone to steer clear of digital assets. They issue a warning that cryptocurrencies are volatile, and not backed by indicators that affect fiat currencies and commodities, which makes it hard to determine their next price. All that the media does is protect people from falling into a ‘trap’ and keep them informed of the dangers associated with a crypto investment. That’s the reason for their bias towards cryptocurrency.

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