📰 ABC’s Bitcoin Blunder: A Tale of Woe and Misrepresentation! 🪙

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Pray, allow me to impart the latest fracas in the realm of digital currency, where the Australian Bitcoin Industry Body (ABIB), a collective of crypto enthusiasts, has taken umbrage at the Australian Broadcasting Corporation’s recent article on Bitcoin. With all the drama of a Regency ball gone awry, ABIB has filed a formal complaint, declaring the piece a veritable farce of misrepresentations and factual errors. 😤

In their missive, ABIB asserts that the article portrays Bitcoin (BTC) as a fickle companion, prone to wild fluctuations and consorting with criminals, while utterly disregarding its virtues in energizing grids and aiding humanitarian causes. 🌍💡

“The article, my dear readers, has taken liberties with the truth, conflating Bitcoin with nefarious activities, omitting well-known facts, and relying on sensationalism rather than evidence,” ABIB laments. 🕵️‍♂️

“It has ignored the myriad global and local use cases, reducing its coverage to outdated tropes and narratives of price swings and political machinations.”

ABIB, with a flourish of indignation, declares on X that this “one-sided framing” breaches the broadcaster’s editorial policies and code of conduct. They have meticulously outlined which sections require correction and which policies have been trampled upon. The ABC, bound by its code of practice, has 60 days to respond. ⏳

The ABC, funded by the Australian federal government and administered by a board of directors appointed with all the gravitas of a parish council, boasts a monthly readership of over 12 million, according to Ipsos Iris. Yet, when queried by CryptoMoon, they professed ignorance of the complaint. 📰🤷‍♀️

Should the broadcaster fail to respond or ABIB remain dissatisfied, the matter may escalate to the Australian Communications and Media Authority (ACMA), which could open an investigation and, if a breach is found, issue a warning, infringement notice, or make a licensing decision. ⚖️

A Mere 0.14% of Onchain Transactions Are Criminal, Yet Fiat Escapes Scrutiny! 💸

The ABC article, published on Tuesday, paints Bitcoin as a favored tool of criminals, despite fiat currency’s far greater role in illicit activities. 🕵️‍♀️

“While Bitcoin remains under suspicion as a tool for those in the shadows – crime gangs, shady governments, and the like – stablecoins, particularly Tether, have usurped this role,” the article declares with all the subtlety of a blunderbuss. 🦹‍♂️

A January report from Chainalysis, however, reveals that a mere 0.14% of total onchain transaction volume was linked to criminal activity in 2024. In contrast, the United Nations estimates that global criminal proceeds make up 3.6% of the global domestic product in fiat currency. 🏦💰

Bitcoin: A Store of Wealth, Despite Naysayers! 💎

The ABC article further claims that Bitcoin has never achieved its stated goals, lacks practical purpose, and is no longer a reliable store of wealth. 🧐

Yet, institutional adoption of Bitcoin has been accelerating, with publicly traded and private companies, ETFs, and countries holding over 3.7 million Bitcoin, valued at over $341 billion, according to BitBo. Even formerly skeptical banks and investment managers are dipping their toes into the crypto waters. 🏛️💼

On Monday, Vanguard, the world’s second-largest asset manager, announced it would allow clients to trade crypto ETFs, a reversal of its previous stance. 🌊

Crypto Misinformation: A Blight on Mainstream Media, Says ABIB 📰🤦‍♂️

A July report by Perception found that only 28% of mainstream media articles on crypto in Q2 were negative, while 31% were positive and 41% neutral. ABIB notes that the public frequently contacts them about Bitcoin misrepresentations, particularly from publicly funded institutions.

“Bitcoin deserves informed, responsible coverage, not dismissal through outdated narratives,” ABIB declares with all the fervor of a heroine defending her beloved. ❤️🗞️

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2025-12-03 05:43