Crypto lobby slams ABC’s ‘sensational’ Bitcoin article in complaint

A crypto industry group has filed a formal complaint against the Australian Broadcasting Corporation, seeking to correct a recent article that contained several misrepresentations and factual errors about Bitcoin. 

In its complaint, the Australian Bitcoin Industry Body claimed that the article painted Bitcoin (BTC) as a volatile tool for criminals while ignoring the benefits of Bitcoin for energy grids and humanitarian purposes. 

“The article misrepresented Bitcoin’s purpose, conflated it with criminal activity, omitted long-standing publicly available information, and relied on sensational language rather than evidence to inform readers,” ABIB alleges. 

“It ignored well-documented global and local use cases… [and] effectively reduced its coverage to outdated & misleading tropes, and narratives on price swings and US politics.”

The ABIB said on X that the “one-sided framing” breached the broadcaster’s editorial policies and code of conduct. Its complaint outlines which sections of the article it wants corrected and which editorial policy has been breached. Under its code of practice, the ABC has 60 days to respond to the complaint. 

The ABC is the country’s national public broadcaster, funded by the Australian federal government, and administered by a government-appointed board of directors. Its monthly readership was estimated to be over 12 million in October, according to the digital audience‑measurement system, Ipsos Iris. 

ABC told Cointelegraph it was not aware of the complaint at this time. 

In the event the broadcaster doesn’t respond, or the ABIB is dissatisfied with the remedy, the matter can be escalated to the Australian Communications and Media Authority, which has the option to open an investigation, and if a breach is found, take enforcement actions, such as a warning, infringement notice or make a licensing decision. 

Only 0.14% of onchain txs are criminal

The ABC article, published on Tuesday, portrayed Bitcoin as a valuable tool for criminals, despite fiat currency still being more frequently used for illicit activities. 

“While Bitcoin remains on the radar as a useful tool for those operating in the shadows — including crime gangs dealing drugs or weapons and shady governments needing to shift reserves — this role has been usurped by stablecoins, particularly one known as Tether,” the article stated. 

A January report from blockchain data platform Chainalysis proves this wrong. It found that just 0.14% of total onchain transaction volume was connected to possible criminal activity in 2024. Compared to fiat, the United Nations Office on Drugs and Crime has estimated in the past that global criminal proceeds make up an average of 3.6% of global domestic product.

Bitcoin seen as a store of wealth 

Other claims in the ABC article are that Bitcoin has never achieved any of its stated goals and has no practical purpose; it is rarely used in legitimate transactions and is no longer considered a reliable store of wealth. 

However, institutional adoption of Bitcoin and cryptocurrencies has accelerated over the last two years through investment vehicles such as exchange-traded funds and digital asset treasuries. 

BitBo estimates publicly traded and private companies, ETFs and countries hold over 3.7 million Bitcoin, worth over $341 billion.