ABIB Challenges ABC Over Misreporting of Bitcoin

Source: CryptoNewsNet Original Title: ABIB Challenges ABC Over Misreporting of Bitcoin Original Link: https://cryptonews.net/news/bitcoin/32075970/ The Australian Bitcoin Industry Body (ABIB) lodged a formal complaint against the Australian Broadcasting Corporation (ABC), accusing the public broadcaster of publishing an article that misrepresented Bitcoin and breached editorial standards. According to ABIB, the article relied on outdated narratives, portrayed Bitcoin as primarily a tool for criminals, and ignored a wide range of positive use cases, including its role in energy-grid efficiency and humanitarian efforts. The group said the coverage “misrepresented Bitcoin’s purpose, conflated it with criminal activity,” and failed to reflect widely available data that contradicts the article’s claims.

ABIB argues that the ABC piece used sensational language rather than actual evidence and overlooked both global and local examples of Bitcoin being used legitimately. It also outlined specific corrections it wants the ABC to make, along with the sections of the broadcaster’s code of conduct it believes were violated.

Under ABC’s code of practice, the broadcaster has 60 days to respond. If it does not, or if ABIB is dissatisfied with the reply, the matter can be escalated to the Australian Communications and Media Authority (ACMA), which has the power to investigate and issue enforcement actions.

A core issue raised by ABIB involves the article’s portrayal of Bitcoin as widely used by criminals. The group pointed to a 2024 report from Chainalysis showing that only 0.14% of on-chain Bitcoin transactions were linked to possible criminal activity. This amount was drastically lower than the United Nations Office on Drugs and Crime’s estimate that criminal proceeds represent 3.6% of global GDP, most of which flows through the traditional financial system.

ABIB also disputed ABC’s claims that Bitcoin failed to fulfil its goals to act as a store of wealth. In fact, institutional adoption accelerated quite a bit, with publicly traded companies, funds and governments now holding more than 3.7 million BTC, worth over $341 billion. Once-skeptical financial institutions have also started to engage with the sector, including Vanguard, which this week reversed its long-held position by allowing customers to trade crypto ETFs on its platform.

The complaint was made during a time of growing frustration in the Australian crypto sector over how digital assets are portrayed in mainstream media. A July report from intelligence firm Perception found that 28% of crypto articles across 18 major outlets were negative, compared with 31% positive and 41% neutral. ABIB said members of the public regularly contact the organisation about misleading or outdated coverage, especially from publicly funded institutions.