Traditional Media Outlets Attack The Crypto Industry

The situation in the crypto community is surprisingly stable, considering the scope of the recent incident and the bear market.

The publicity for crypto projects and the industry, in general, is also quite negative, with many media outlets piling on the domain and pointing out flaws that many of us have heard about many times.

While their attempts at discrediting the industry mostly fail flat, there is a seed of truth in their ramblings. CNBC is full of articles that bash the industry with the latest one saying that investing in cryptocurrencies is not smart.

However, we would argue that it is the best time to invest, but solving pressing issues is, indeed, a top priority.

The lack of regulation is what stops the industry from growing

Despite massive increases in the evaluation and a $3 trillion market cap achieved in May 2023, the reality is that the vast majority of investors are from the US. Other countries contribute, but only nations with developed economies contribute meaningfully.

The US, Canada, and Europe are still struggling to come up with sound cryptocurrency regulations creating a bottleneck for the industry.

To be fair, the CEO of Binance, the biggest CEX platform in the world, is also against strict regulations. Finding the right balance between oversight and privacy is a tall task, but it must be achieved for the industry to survive in its current form.

Another way forward is embracing decentralization and allowing the industry to grow under surveillance. This is the route many diehard enthusiasts would prefer.

While it is in line with the original view of Satoshi Nakamoto, it prevents the industry from receiving venture capital.

Media outlets are crying about the environmental impact (fixed by Proof-of-Stake), governance issues (the most important solutions will be rolled out and tested in 2023), and social impact.

However, we see only regulation as a cornerstone for this discussion.

A new war between the media and the community is coming

“winter is here”, as one famous character from a badly ended TV show once said. We will see a massive battle between media outlets and the crypto community.

You don’t have to take a side, but believing what traditional media is telling you without doing your own research is not the best course of action at the moment.