Roslyn Leighton
I’ve been covering international technology policy for years, and the emergence of crypto technology is an example of how easily the media can mishandle innovation. Perhaps this is not intentional bias, but a lack of understanding that can be captured and manipulated by those who truly want to stop the advancement of destructive technology.
The digital asset market is one of the fastest growing markets in the world, with its value consistently hovering around $1 trillion. Using underlying cryptographic technology, the blockchain industry is rapidly building solutions that have the potential to revolutionize payments, capital formation, contracts, data privacy, and more. However, approximately 88% of Americans have heard “somewhat” about this technology, and most are afraid of it.
Most mainstream news and media misleadingly depict cryptocurrencies as having “no real value,” or being rooted in criminal activity, or as “get-rich-quick schemes.” It is no wonder that uninformed members of the public are so easily frightened. There is also no strong anti-disinformation organization around cryptocurrencies, blaring a loudspeaker and regularly broadcasting easy-to-understand facts. So it should come as no surprise that politicians like Sen. Elizabeth Warren, D-Mass., are waging a culture war-like campaign to denigrate cryptography for political gain. .
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According to the Pew Research Center, 41% of Americans believe the influence of news organizations is increasing, an 11% increase from 2020. In the case of cryptocurrencies, the media tends to focus on their price action and market value without actually explaining their purpose or value. , and the technology that supports it. For this reason, the public is left wondering what virtual currency is beyond speculative trading. It’s the same way that in the mid-1990s the average American didn’t know whether the Internet was nothing more than unregulated vulgar information threatening children, or a way to pirate music without paying. is.
While other countries are leading the way in adopting this technology, the United States is lagging behind. The media is talking about how JPMorgan, Visa, PayPal and other financial giants are offering crypto-based solutions such as faster payments and asset tokenization for their core retail and commercial customers. It only scratches the surface. Organizations in the non-financial sector, such as DHL, Shell, and the US Centers for Disease Control and Prevention, are using blockchain products from IBM and Accenture to improve data protection, logistics, and supply chain management. In 2025, more companies are expected to participate in the use of cryptography in their daily services.
There is also potential consumer demand for disruptive technologies like blockchain, as 69% of Americans are disappointed with the current financial system and want the control over their assets and investments that blockchain can provide. there is. There is growing pressure on Congress to establish a regulatory framework that protects consumers and provides legal clarity to innovate in the industry. The House passed the framework earlier this year in a bipartisan vote that united pro-Trump conservatives and former House Speaker Nancy Pelosi (D-Calif.).
Just as traditional capital markets have bad actors like Bernard Madoff, cryptocurrencies also have bad guys like Sam Bankman Fried of FTX. Of course, a lack of understanding of cryptocurrencies opens the door to fraud, but this is not the fault of the technology.
To this day, older Americans are still becoming victims of crime by clicking on malicious links in text messages and emails. It’s not smartphones or the internet that are causing this, but a lack of understanding about how to use them safely. The same goes for cryptocurrencies and American consumers. Portraying technology as a whole as evil or criminal is not only unfair, but harmful to our economic future as a nation. Our foreign competitors are rapidly setting the rules of the road and trying to attract American companies and developers because we are far behind. That needs to change.
Washington has powerful industry associations like the Blockchain Association and the Digital Chamber of Commerce that lobby and represent industry interests. Recently, efforts were announced to create a National Cryptocurrency Association aimed at members of the public who use cryptocurrencies or fill gaps in their knowledge about cryptocurrencies. A dedicated effort is needed to more quickly address the steep learning curve regarding cryptocurrencies in the U.S., where the media and the public will no doubt have access to reliable information about the technology that will change the future of our economy. , you can ask for reliable, unbiased facts. Otherwise, we will be left behind by rival economies that are rapidly adopting cryptocurrencies.
Dr. Roslyn Leighton is Executive Vice President of Strand Consult, an independent consultancy, and a Visiting Research Fellow at Aalborg University in Copenhagen, Denmark. The author is not affiliated with any parties mentioned in the article and does not own any cryptocurrencies. Opinions are the author’s own.
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