Weekly Media Recap #34

EOW closing BTC price: $68,354

Date range: March 11 - March 17, 2024

In this report:

• The Press And The People - Divided
• The MSM Need To Stop Giving CSW More Attention
• Copy/Pasting Narratives

Weekly Snapshot

Main Topics of the Week

The Press And The People - Divided

Missed the buzz about Grayscale's new Bitcoin fund, did you?

You're not alone.

While Bloomberg, Fortune, and Reuters were all over Grayscale's 'Mini' GBTC launch, a lot of attention was caught elsewhere on Bitcoin Twitter.

MicroStrategy's bold step to raise capital through a second offering of convertible bonds to buy Bitcoin—in less than 10 days—was really the talk of BT.

Yet, somehow, Saylor's strategic move flew under the mainstream media (and FinTwit's) radar, with Reuters being the only single outlet to cover it, making them the only media outlet to cover both news.

Something to think about when it comes to this stark contrast in reception: Why did Grayscale's launch barely makes waves on social media, while MicroStrategy's move sparks widespread discussion but lacks mainstream acclaim.

This discrepancy reveals a large gap between mainstream media's focus and the topics that resonate with social media.

Highlighting the gap between the press and everyday people, Bloomberg's Senior Columnist, Merry Somerset Webb, mentioned the need for a Bitcoin history story.

After receiving a suggestion to interview Adam Back, she declined due to his laser eyes profile pic - only to be ratioed:

Truly a reminder that the narratives which truly engage the Bitcoin community are sometimes blindly left on the sidelines by the MSM.

The MSM Need To Stop Giving CSW More Attention

The COPA vs. Craig Wright trial, concluding with a verdict that Wright is not Satoshi Nakamoto, was sure enough closely followed by the media.

What was interesting post-verdict was not how people on social media celebrated the judge's ruling against Wright, but the stark contrast of the mainstream media's more balanced coverage.

I see this as a "soft" reversal in the MSM's narrative, moving away from years of fascination with Wright's persona to a more measured reporting style - it's basically a clear signal of the press collectively saying "we messed up here, let us back the truck up slowly".

One can only hope this is a turning point in how the CSW debacle is presented to the public. The best thing would be for the press to stop giving the likes of CSW any more attention.

I've shared these thoughts on the media's odd fixation on CSW previously, in an open letter to ex-Forbes editor Michael Del Castillo.

Read it here.

Copy/Pasting Narratives

The announcement from President Bukele that El Salvador transferred a significant portion of its BTC holdings into cold storage last week was met with a mix of admiration and skepticism by the press.

These mixed reactions are obviously okay but certain MSM outlets, notably Reuters and NBC, deserve to be criticized for their seemingly dismissive tone, embedding backhanded comments that undermine the country's move into Bitcoin.

Take a look at this, for example. Pay attention to the details:

The sheer copy/pasting of narratives across these platforms, as seen in NBC's echoing of Reuters' commentary, shows how much the amplification of opinion can spread if they want to .

The more copy/pasting - or "syndication" - that happens, the more it influences public opinion and international perception of anything related to Bitcoin's - in this case, the viability of BTC as a state-supported currency.

Disappointing to witness this, but thankfully, there's a media research firm by the name of Bitcoin Perception keeping an eye on it - have you subscribed yet? 😉