According to market intelligence companies, media coverage of Bitcoin and cryptocurrency during the second quarter has been polarized and sparse, even as cryptocurrencies hit record highs.
In total, 1,116 articles were published by 18 mainstream media outlets, showcasing a “deeply biased storyline” in the portrayal of digital assets. A report released on Tuesday highlighted these findings.
While the report didn’t compare this quarter directly to the last, it did note significant variations in sentiment among different outlets regarding Bitcoin (BTC). It revealed that 31% of the articles were positive, 41% neutral, and 28% negative.
It also pointed out a notable lack of coverage from prominent financial publications, particularly News Corp’s The Wall Street Journal, which accounted for a meager 2% of all reported Bitcoin and crypto content in this quarter.
Mainstream Media’s Coverage of Bitcoin
The analysis identified three distinct narratives that major outlets use when discussing Bitcoin.
These narratives ranged from “fanatic adoptions” seen in outlets like Forbes and CNBC to “deliberate blindness” from the Journal and the Financial Times, and a general “permanent skepticism” found in traditional media.
While outlets like Forbes and CNBC filled the gap left by major financial publications with more extensive coverage, traditional news sources leaned towards stories of crime and controversy.
Variation in Crypto Topics Across Media
The study reported notable differences in the topics covered regarding the crypto industry.
Forbes tended to focus on retail, Bitcoin mining, and institutional adoption, whereas CNBC emphasized banking, market analysis, and investment vehicles.
In contrast, Fortune provided critical insights into mining, banking, finance, and market trends, while Fox News emphasized crime, legal issues, and cybersecurity.
Information Disparity and Investor Insight
The report concluded that this variation leads to a significant “information asymmetry.” Investors leaning on elite financial media for market insights believe that this new, transformative asset class hasn’t been “systematically lowered.”
