Bitcoin has reached an unprecedented milestone of $100,000—a significant achievement nearly 16 years after its inception in 2009. However, this journey has been far from smooth for early Bitcoin adopters, who have witnessed monumental shifts in mainstream media (MSM) coverage. Initially, Bitcoin faced intense scrutiny, but as its popularity surged, so too did the media’s perception.
In the early days, media narratives predominantly focused on Bitcoin’s creator, Satoshi Nakamoto, and the currency’s volatility and energy consumption. The first major media coverage appeared around 2011 when Bitcoin began to capture the attention of outlets like Forbes, The New York Times, and CNN. Unfortunately, the reports were mostly negative, impacting public opinion.
As Bitcoin’s price fluctuated, so did media commentary. Take for example Forbes’ 2011 headline, “So, that’s the end of Bitcoin then,” which prematurely declared Bitcoin’s demise following a price drop. Fast forward to today, with Bitcoin surpassing $100K, it’s ironic to reflect on such critiques, illustrating how far Bitcoin has come.
In 2013, amidst its rising value from $12 to nearly $900, some media outlets began to adopt a more favorable tone. Bloomberg introduced a perspective that labeled Bitcoin as a “legitimate” asset. Experts began to recognize Bitcoin’s potential for secure transactions and its ability to function across international borders. Such pivotal moments laid the groundwork for its acceptance in mainstream finance.
However, as the price of Bitcoin continued to climb, the criticisms morphed into new challenges. The Washington Post labeled it an “energy glutton” due to its considerable energy consumption, raising concerns about its environmental impact. Even amidst this criticism, it must be noted that approximately 54.5% of Bitcoin mining now utilizes renewable energy.
The critiques persisted into more recent years, with narratives highlighting Bitcoin’s inefficiencies and vulnerabilities. In June 2021, The New York Times emphasized the challenges of using Bitcoin, labeling it “cumbersome and slow,” reflecting evolving public perceptions regarding its usability as a currency.
As we look ahead, particularly with the approval of Bitcoin ETFs and its meteoric rise past the $100K mark, the question remains: will mainstream media shift its narrative? While some articles urge caution, predicting Bitcoin might never serve as a daily currency, others forecast rapid advancements in technology and infrastructure that could reshape its utilization.
Bitcoin continues to face scrutiny, yet its resilience and adaptability suggest that its narrative may further evolve as it reaches new heights. Following the lessons from past headlines, the media’s portrayal of Bitcoin is likely to remain intricate and multi-faceted.
