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The media is [without a doubt] a power tool capable of influencing an industry positively and otherwise. This principle holds true even for the crypto ecosystem.
To ascertain the relationship between cryptocurrency and the mainstream media as we know it, Clovr, a blockchain-focused research firm, analyzed 7,527 online news articles from the databases provided by mediacloud.org. the articles analyzed spanned across a time frame of over five years, from May 1, 2013 to July 31, 2018, constituting of 48 national and international media outlines including but not limited to Forbes, The New York Times, Fox News, Yahoo Finance, Reuters, CNBC, The Washington Post, CNET, The Economist, International Business Times, Raw Story, and USAToday.
The report showed that from the inception of the crypto ecosystem, cryptocurrency and the mainstream media has co-existed in an uneasy symbiosis. Prior to the rise in BTC price in 2017, there was a deafening silence in the media on any crypto-related news. The price spike in 2017 jumpstarted the media and, of course, that didn’t last for long. Instead, the mainstream media was flooded with cautionary articles about the drawbacks of cryptocurrencies.
From the result published, I guess it is safe to conclude that, mathematically, they are both inversely proportional as a spike in one entity causes a downturn in the other and vice versa. In plain terms, a fall or say negative happening in the crypto ecosystem causes an increase in mainstream media crypto publications while a rise in price or positive happening in the crypto ecosystem attracts a lower level of crypto publication from the mainstream media.
While my point of view is subject to correction, the idea holds true for more than half of the media outlets that were sampled in the research. The report showed that the sentiments of a greater percentage of the total number of media outlets analyzed were skewed towards the negative than the positive side.
Examples include Breitbart News and Raw Story which showed an outright criticism of the crypto sphere. This was inferred from the fact that both media outlets have published about 92 crypto-related articles and 91 of the published articles fell under negative sentiment leaving a single article on the positive side. An alarming rate of negativity, from my point of view. While others have refused to go all judgmental instead, maintained an even tone of skepticism in their crypto publications safe for a few media outlets like Business Insider and Forbes which are known to cater to younger audience.
The research showed that these media outlets hold a greater share of the articles that fell under positive sentiments. Both media outlets bagged a total of 1,335 ‘crypto-positive’ articles, a number which reflects more positivity than the overall median sentiment of the sampled articles. And a total of 413 on the negative side.
Conclusively, the media coverage on Bitcoin and other cryptocurrencies have been anything but static. Over the years, we have seen a continuous shift from positive to negative and most of the times a neutral stand that could pass for skepticism than criticism. While the drawbacks of the crypto market have been accused for its stunted growth, the mainstream media hold a fair share of the blame.
Crypto investors and enthusiasts should, therefore, take heed of the articles they read online. Before jumping to any conclusion, be sure to check for the history of the media outlet which published the article. Is such a media outlet known for its anti-crypto publications? Or do they maintain an unbiased stand on the crypto ecosystem? Be guided!