The keyboards are clicking, complaints are flying, and Australia’s crypto lobby has had enough. This week, the Australian Broadcasting Corporation (ABC) published an extremely critical portrayal of Bitcoin, which sparked a fierce response from the industry.
The Australian Bitcoin Industry Body filed a formal complaint against ABC News website, challenging an article titled “Bitcoin slinks to shadows as crypto bros turn to new kid on the blockchain”, published on December 2, which depicted Bitcoin as little more than a criminal’s tool. The article, which reached ABC’s 12 million monthly readers, claimed the cryptocurrency had not achieved any of its goals and served no practical purpose.
Setting the Record Straight
The lobby group argues the article ignored important aspects. They assert that the ABC article showed that Bitcoin is a tool for criminals, but blockchain data tells a different story. Chainalysis data shows that only 0.14% of cryptocurrency transactions in 2024 were linked to criminal activities.
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The lobby group further points to Bitcoin’s growing legitimacy. Companies, investment funds, and many nations now hold 3.7 million Bitcoins worth $341 billion. Even Vanguard, the world’s second-largest asset manager, reversed course on Monday by allowing clients to trade crypto ETFs.
ABC has 60 days to respond under its code of practice. If unsatisfied, the industry body can escalate the matter to Australia’s Communications and Media Authority, which holds enforcement powers, including warnings and licensing decisions.
