The Australian Bitcoin Industry Body (ABIB), representing the cryptocurrency sector, has officially lodged a complaint against the Australian Broadcasting Corporation (ABC) over a recent article that, according to the group, contained numerous inaccuracies and misrepresentations regarding Bitcoin. ABIB argues that the report unfairly depicted Bitcoin as volatile, associated it with criminal activities, and overlooked its potential advantages for energy management and humanitarian efforts.
In the complaint, ABIB accused the article of misrepresenting Bitcoin's purpose by linking it to illegal activities, omitting readily available information, and prioritizing sensationalism over factual reporting. ABIB further criticized the piece for ignoring well-documented global and local applications of Bitcoin, reducing its narrative to outdated stereotypes concerning price volatility and U.S. political implications.
ABIB expressed on platform X that the "one-sided framing" of the article violated ABC’s editorial standards and code of conduct. The complaint specifies which aspects of the article require correction and which editorial guidelines were breached. According to ABC's code of practice, the broadcaster has a 60-day window to address the complaint. ABC, funded by the Australian government and overseen by a government-appointed board, boasts a monthly readership of over 12 million, as per data from Ipsos Iris in October. ABC informed Cointelegraph that it was not yet aware of the complaint.
Should ABC fail to respond or if ABIB finds the resolution unsatisfactory, the issue may be escalated to the Australian Communications and Media Authority (ACMA). ACMA could potentially investigate and, if a breach is confirmed, impose enforcement measures such as warnings, infringement notices, or licensing decisions. Despite the ABC article's portrayal of Bitcoin as a tool for criminals, statistics reveal a different story. A Chainalysis report from January indicated that merely 0.14% of total onchain transaction volume in 2024 was linked to possible criminal activity. In contrast, the United Nations Office on Drugs and Crime estimates that illicit transactions account for about 3.6% of the global GDP.
The ABC article also claimed that Bitcoin has failed to achieve its objectives and lacks practical use, asserting it is seldom used for legitimate transactions and is no longer seen as a reliable store of value. However, the narrative of institutional adoption contradicts this, as investment in Bitcoin and cryptocurrencies has surged over the past two years through exchange-traded funds and digital asset treasuries. BitBo estimates indicate that public and private companies, ETFs, and even countries hold over 3.7 million Bitcoin, valued at over $341 billion. Additionally, financial entities and investment managers, even those previously skeptical, are gradually entering the crypto space. Recently, Vanguard, one of the world’s largest asset managers, reversed its stance by allowing clients to trade crypto ETFs on its platform.
The challenge of misinformation in mainstream media (MSM) is a concern for the crypto lobby. A report by Perception, a market intelligence firm, found that out of the articles published by 18 outlets in Q2, 31% were positive, 41% neutral, and 28% negative. ABIB stated that it frequently receives public inquiries regarding the misrepresentation of Bitcoin in Australian media, especially from publicly funded organizations. The industry body insists that Bitcoin deserves coverage that is informed and responsible, rather than being dismissed by outdated narratives.