Welcome to the latest edition of Bitcoin Perception.
Join other readers from companies such as Swan, Galoy, Braiins, Blockstream, and others learning about how the mainstream media covers Bitcoin.
EOW closing Bitcoin price: $36,583
Date range: November 13 - November 19, 2023
Main Topics: Regulatory Developments, Illegal Activities, Bitcoin's Distinction from Crypto, Global Economic Impact and Adoption
This week's spotlight: Forbes
Main Topics Of The Week
1. Regulatory Developments
The evolving regulatory landscape is a significant trend that never ceases to be covered by the MSM. This includes discussions around Bitcoin ETFs, the SEC's involvement, and the broader impact of regulatory decisions on the market.
2. Illegal Activities
Another subject that seems to come back at times and create a noticeable negative trend is the use of Bitcoin in various illegal activities. This includes scams, money laundering, and other fraudulent schemes, highlighting the darker side of Bitcoin (and also the darker side of certain editorial desks, too.)
3. Bitcoin's Distinction from Crypto
On a positive note, there's a clear trend in differentiating Bitcoin from the broader "crypto" market. Some articles has focused on Bitcoin's unique position, its potential as a payment technology, and its differences from other cryptocurrencies, emphasizing its pioneering status and distinct characteristics.
4. Global Economic Impact and Adoption
Staying in the lane of positive news, some articles also reflect a trend towards the global economic implications of Bitcoin adoption, including in countries facing economic instability. This includes discussions on how bitcoin is being used as an alternative to unstable local currencies and as a tool for economic empowerment.
This Week's Spotlight: Forbes
In this week’s spotlight, CEO of Recursive Capital and Forbes contributor Abubakar Our Khalil wants you to imagine a Nigeria where the local currency, the Naira, flounders in the waves of economic uncertainty, and where Bitcoin emerges like a lighthouse in the storm.
As an Argentinian myself, imagining this is easy.
This isn't just about alternative ways of doing finance or circumventing the public sector - his article is about regular people turning to Bitcoin in times of need, and finding stability.
The Naira's Rollercoaster
Post-election Nigeria has been a bit of a rollercoaster, economically speaking. The government's been wrestling with the Naira, trying to align its official and parallel market rates. But it's been tough, with policy shifts and leadership changes at the Central Bank of Nigeria adding to the drama.
So the Naira's been on a wild ride against the dollar, and it's left a lot of folks feeling uneasy.
At the centre of this chaos, enter Bitcoin. And this is where more mainstream media outlets has (slowly) began taken notice.
Because as the Naira's value bounced around, Bitcoin started to look like a rock in these choppy waters. People didn't just see it as a chance to make a quick buck; they saw a dependable place to put their hard-earned money. As more local currencies around the word start behaving the same, more journalists covering Bitcoin are starting to understand this.
And with the Bitcoin halving event on the horizon, there's a buzz of anticipation for what's next.
Here is where Abubakar goes into detail about how Bitcoin's more than a trend there; it's a shift in how Nigerians think about and use money.
For many Nigerians, writes Abubakar, traditional banking is a hurdle, but Bitcoin offers a way around it. It's like a financial Swiss Army knife in a country where inflation and currency woes are part of daily life.
Bitcoin's giving people a sense of control and stability they haven't felt in a while, which means they are finding hope and stability when the usual systems aren't holding up.
It’s bigger than Nigeria, too
As Nigeria navigates these economic waters, Bitcoin's role is becoming more crucial.
It's not just about Nigeria, though; this story could be a sign of what's to come globally, where Bitcoin plays a key role in shaping economies and empowering people.
In short, Abubakar’s story is a story about resilience, about finding new ways to thrive in uncertain times. And as the world watches, Nigeria's journey with Bitcoin is the start of a broader global shift towards a future where Bitcoin redefines our relationship with money.
And more journalists are starting to take note.