The Australian Bitcoin Industry Body (ABIB), a prominent crypto industry group, has formally lodged a complaint with the Australian Broadcasting Corporation (ABC). The complaint aims to address what ABIB describes as several misrepresentations and factual errors contained within a recent article published by the ABC concerning Bitcoin.
In its official complaint, ABIB asserts that the ABC article misrepresented Bitcoin (BTC) by portraying it solely as volatile and a tool for criminals. Furthermore, ABIB claims the article failed to acknowledge the established benefits of Bitcoin, such as its potential contributions to energy grids and its utility for 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 stated in its complaint.
“It ignored well-documented global and local use cases… and effectively reduced its coverage to outdated & misleading tropes, and narratives on price swings and US politics.”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 announced on the social platform X that this "one-sided framing" was a breach of the broadcaster’s editorial policies and code of conduct. The complaint specifically details the sections of the article ABIB seeks to have corrected and identifies the editorial policies it believes have been violated. According to its code of practice, the ABC has a 60-day period to respond to such complaints.
The ABC, as Australia's national public broadcaster, is funded by the Australian federal government and overseen by a government-appointed board of directors. In October, its monthly readership was estimated to exceed 12 million, according to data from the digital audience-measurement system, Ipsos Iris.
When contacted by Cointelegraph, the ABC stated that it was not yet aware of the formal complaint.
If the ABC fails to respond to the complaint, or if ABIB is unsatisfied with the proposed resolution, the matter can be escalated to the Australian Communications and Media Authority (ACMA). The ACMA has the authority to initiate an investigation and, if a breach is confirmed, implement enforcement actions, which could include issuing a warning, an infringement notice, or making a licensing decision.
Criminal Activity on the Blockchain: A Misrepresented Proportion
The ABC article, published recently, characterized Bitcoin as a significant tool for criminals, a claim ABIB contests, especially given that fiat currency remains more prevalent in illicit activities.
The article stated: “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.”
However, a report released in January by blockchain data platform Chainalysis directly contradicts this assertion. The report found that in 2024, only 0.14% of total onchain transaction volume was associated with potential criminal activity. In comparison, the United Nations Office on Drugs and Crime estimates that global criminal proceeds constitute an average of 3.6% of global domestic product when considering fiat currency.
Bitcoin's Role as a Store of Wealth and Practical Utility
Further claims made in the ABC article include that Bitcoin has not achieved its stated objectives, lacks practical purpose, is rarely used in legitimate transactions, and is no longer considered a reliable store of wealth.
ABIB counters these points by highlighting the accelerating institutional adoption of Bitcoin and cryptocurrencies over the past two years. This trend is evidenced by the proliferation of investment vehicles such as exchange-traded funds (ETFs) and the increasing number of digital asset treasuries held by corporations.
According to estimates from BitBo, publicly traded and private companies, ETFs, and even countries collectively hold over 3.7 million Bitcoin, with a value exceeding $341 billion.
Moreover, financial institutions, including banks and investment managers, that were once skeptical of cryptocurrencies are now making gradual advancements in the digital asset space.
In a significant development, Vanguard, the world's second-largest asset manager, announced on Monday that it would begin allowing its clients to trade crypto ETFs on its platform. This decision marks a reversal of its previous stance on the matter.
Concerns Over Crypto Misinformation in Mainstream Media
A July report from market intelligence firm Perception analyzed mainstream media coverage of crypto during the second quarter. The study, which observed 18 outlets, found that 31% of published articles were positive, 41% were neutral, and 28% were negative.
ABIB has indicated that members of the public frequently approach the organization with concerns about the misrepresentation of Bitcoin in Australian media, particularly from publicly funded institutions.
“Bitcoin deserves informed, responsible coverage, not dismissal through outdated narratives,” the industry body stated.