- Mainstream media outlets have taken Bitcoin to task over its environmental impact in 2021
- This switch has come about after other arguments have been proved wrong in the past 18 months
- Bitcoin’s part in ransomware attacks will be the final straw for the anti-Bitcoin mainstream media outlets
Bitcoin is rarely out of the newspapers and their online equivalents for long these days, and 2021 has seen one aspect in particular coming up again and again – Bitcoin’s environmental impact. This isn’t because it has suddenly got worse or had any great revelations uncovered. Instead, it’s because anti-Bitcoin mainstream media outlets were forced to refocus after their arguments about Bitcoin lacking a use case and only being used for illegal activities were obliterated by the institutional uptake since 2020. What will happen then when Bitcoin ‘goes green’ and these mainstream media outlets can no longer whack it with that particular stick? Let’s take a look.
We have seen on plenty of occasions recently that bitcoin has been the medium of choice for hackers demanding a ransom after holding private companies and public authorities hostage. Setting aside the fact that bitcoin is not anonymous and can be easily tracked (and even recovered by law enforcement), hackers continue to demand payments in bitcoin, and they show no signs of wanting to switch to more private coins.
Ransomware attacks are rightly being seen as the next great threat to governments and populations, and with this elevated threat level it is natural that Bitcoin will eventually bear some of the brunt for the actions of these criminals through mainstream media outlets. Cryptocurrencies do indeed present an easier way for hackers to receive payouts, but blaming the medium of payment for the act itself is like blaming the dollar for being so thin that drug dealers can fit more of them into a suitcase at one time.
Mainstream media outlets have known about the Tether debacle for a while now, but have chosen to stay fairly quiet on the subject, mainly because the environmental angle works better. When that is done and dusted though, they may return to the settlement between iFinex and the New York Attorney General and the resultant fallout – Tether admitted that it lied about being backed by cash, with most of their backing coming from borrowed money or equivalents.
Tether now has a market cap of $62.4 billion, and mainstream media outlets will have a field day taking that down when the time comes.
Volatility and Manipulation
If all else fails, mainstream media outlets will still have Bitcoin’s volatility and susceptibility to manipulation to focus on. Mainstream media outlets gleefully report on any rapid drops in price or any negative news that could precipitate one, thus ensuring they do their best to perpetuate such drops. They also have a desperate desire to find a reason behind every drop of note, thus perpetuating the idea that Bitcoin only goes up and down on good and bad news or Elon Musk’s tweets.
Such volatility will be used by the mainstream media to criticize Bitcoin as being unsuitable for use as a currency (El Salvador’s experiment was barely reported by the Bitcoin hating Financial Times and Guardian) while they do all they can to precipitate such volatility…and so on.
Mainstream Media Outlets Will Already be Planning Their Next Move
With initiatives such as El Salvador’s volcano-based efforts, China’s push to remove ‘dirty’ operations, and solar powered projects being tested, the environmental impact of Bitcoin mining could soon become the latest argument mainstream media outlets can no longer use to criticize the cryptocurrency. Which of the above three will be the one that takes over first? Only time will tell.