Changpeng Zhao (CZ), the Chief Executive Officer (CEO) of Binance, ripped mainstream media for talking up cryptocurrencies and then slamming it, as the prices went plummeting.
In a tweet, CZ said, “Remember all the media coverage that was shilling blockchain/crypto, directly or indirectly encouraging people to invest, near the ATH, and are now bashing it. Wouldn’t it make more sense if they did the reverse?”
Mainstream media has been quick to jump the gun and call cryptocurrencies, all sorts of terms such as bubble, ponzi scheme, fraudulent, among others. In the past, even Crypto-News India had called out publications for being too judgmental. If readers may recollect, soon after Arun Jaitley’s speech during the Budget session, earlier this year, Indian mainstream media announced that bitcoin was illegal.
At the time, we had reported on eminent media houses such as Fortune and Reuters running headlines such as “India vows to eliminate use of cryptocurrencies” and “Bitcoin Price Slides Again As India Announces Ban Plan”.
Mainstream media does not understand Cryptocurrencies or Blockchain. A lot of them believe it’s a Ponzi scheme. They’ve been regularly misrepresenting facts and this time, the loss was huge. A lot of traders who had trusted these sites, read the news and panic sold their holdings at such low costs. Crores of rupees was lost due to misrepresentation of facts and no one can be held responsible because Cryptocurrencies are not regulated.
Previously, we have also reported that there is actually a research report published on how biased mainstream media is against cryptocurrencies. The report revealed that mainstream outlets, some of which have become household names (i.e. Wall Street Journal, New York Times, The Economist, The Financial Times etc.) were found to be particularly harsh in their coverage of cryptocurrencies. By comparison business news outlets catering to a younger audience (i.e. Forbes and Business Insider) were found to provide neutral coverage about cryptocurrencies. If compared historically against their political inclinations it turns out that outlets with bias towards right-wing conservative ideology were more negative in their coverage of crypto than the outlets with bias towards left-wing liberals.
Elaborating on his earlier tweet, CZ, announced that he planned to keep one headline taken from news portal Bloomberg Crypto, for future reference.
I will keep this one for future reference. pic.twitter.com/Dc8ErOdnBx
— CZ Binance (@cz_binance) December 18, 2018
If only mainstream media houses did their jobs properly instead of concentrating on how to be the first one to “break” news, they could really avoid first-hand embarrassment for themselves. Regardless, as bleak as the market looks right now, the prices may soon see a correction, with the new year.
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