Weekly Media Recap #42
- 4 min read

Weekly Media Recap #42

Bitcoin, as covered in the mainstream media.

In this edition

EOW closing BTC price: $61,453

Date range: May 6 - May 12, 2024

In this report:

  • Unnecessary Negativity
  • Bitcoin Is Political

Weekly Snapshot

The amount of mainstream media mentions last week. Source: https://bitcoinperception.com/data/
Sentiment analysis across all outlets. Source: https://bitcoinperception.com/data/
Leaderboard of the most published reporters/contributors last week. Source: https://bitcoinperception.com/data/

Main Topics of the Week

Unnecessary Negativity

So I guess there are still lots of people dancing on Bitcoin's grave as it consolidates above $60k? All righty then...

Since has BTC experienced considerable volatility over the last two months, lots of media headlines has simply been attempts at just trying to make sense of it all.

Take Barron's Adam Clark, for example:

Monday: Bitcoin climbs!

Tuesday: Bitcoin drops!

Wednesday: Bitcoin falls!

Friday: Bitcoin rises!

It seems like Barron's just decided to report every single price movement and spin a story around it.

So if BTC falls, the headline is "here are the reasons it could fall further."

But if it rises, "here are the reasons it could rise more."

At some point this type of coverage must grow up and start adulting.

But taking a look at the broader context, the drawdown last week did trigger a surge in negative media coverage in a relative short time frame.

In fact, over the last 30 days, more than half of the total media outlets reporting that Bitcoin Perception is tracking, have not offered a single piece of positive coverage on Bitcoin, underscoring a pervasive bearish sentiment in mainstream reporting.

Despite prices ending the week at early March levels, the dip in early May sparked a surge in negative single-day coverage not seen before in the same timeframe.

Bitcoin Is Political

There are certain points to be made in favor of why Bitcoin is political, even though it has become pseudo-consensus to say that Bitcoin is apolitical.

So just for fun, let's blow up that way of thinking into pieces.

Below is how politics do affect Bitcoin, and how the media reported on the potential threats Bitcoin faces that could impact its usage and acceptance globally:

  • Here's Forbes' Roger Huang and Susie Violet Ward reporting on how new EU regulations are threatening privacy and potential invasive measures against encryption are posing significant challenges.
  • In the US, the Biden administration’s proposal, as highlighted in potential capital gains tax increases, could significantly dampen investor enthusiasm by affecting post-tax returns on Bitcoin investments, Forbes' Robert W. Wood reported.
  • Adding a new dimension to the discourse, Politico's Jasper Goodman published an article titled "Crypto is Trump's new weapon against Biden" signaling a shift in the political dynamics surrounding Bitcoin.

Now this is where it gets interesting.

Last week marked a pivotal moment where, for the first time ever, Bitcoin will be a focal point in the U.S. presidential elections.

This development emphasizes the growing significance of Bitcoin not just as a financial asset but as a political tool, potentially influencing broader policy decisions and party platforms.

And Bitcoin Magazine has chosen a side:

This is an interesting time in history, in my opinion.

As long as partisan politics keeps promoting division, the trend of voting against things rather than for them will continue to pick up speed.

And the media will cover it like it crazy.