Australian Bitcoin Industry Organization Lodges Complaint Regarding ABC’s Bitcoin Article

A cryptocurrency industry association has lodged a formal grievance against the Australian Broadcasting Corporation, aiming to amend a recent piece that included numerous inaccuracies and misinterpretations regarding Bitcoin.

In its grievance, the Australian Bitcoin Industry Body asserted that the article depicted Bitcoin (BTC) as a volatile instrument for illicit activities, neglecting its advantages for energy grids and humanitarian efforts.

“The article distorted the true purpose of Bitcoin, mixed it with criminal conduct, left out long-standing publicly accessible information, and used sensational language instead of facts to inform readers,” alleges the ABIB.

“It overlooked well-documented global and local applications… [and] effectively reduced its coverage to outdated & misleading stereotypes, and narratives concerning price variations and US politics.”

The ABIB stated on X that the “one-sided framing” violated the broadcaster’s editorial standards and code of conduct. Its complaint details which parts of the article require corrections and which editorial policy has been violated. According to its code of practice, the ABC has 60 days to address the grievance.

The ABC serves as the national public broadcaster in Australia, financed by the federal government and overseen by a board appointed by the government. Its monthly readership was estimated to exceed 12 million in October, according to the digital audience-measurement source, Ipsos Iris.

ABC informed Cointelegraph that it was currently unaware of the grievance.

Should the broadcaster fail to respond, or if the ABIB is unsatisfied with the resolution, the issue can be escalated to the Australian Communications and Media Authority, which may initiate an investigation, and if a violation is established, impose enforcement actions such as warnings, infringement notices, or make licensing determinations.

Only 0.14% of on-chain transactions are criminal

The ABC article, released on Tuesday, depicted Bitcoin as a significant tool for criminals, despite fiat currency continuing to be predominantly utilized for illegal activities.

“While Bitcoin is still on the radar as a useful tool for those operating outside the law — such as crime syndicates involved in drug or arms trafficking and corrupt governments needing to shift reserves — this role has been taken over by stablecoins, especially Tether,” the article claimed.

A January report from blockchain analytics firm Chainalysis disproves this assertion. It found that only 0.14% of total on-chain transaction volume was linked to potential criminal activity in 2024. Compared to fiat, the United Nations Office on Drugs and Crime has previously estimated that global criminal proceeds constitute around 3.6% of the global domestic product.

Bitcoin regarded as a store of value

Additional assertions in the ABC piece claim that Bitcoin has never achieved its objectives and lacks practical utility; it is infrequently used in legitimate transactions and is no longer viewed as a reliable store of value.

Nevertheless, institutional adoption of Bitcoin and cryptocurrencies has surged over the past two years through investment channels such as exchange-traded funds and digital asset treasuries.

BitBo estimates that publicly traded and private organizations, ETFs, and countries possess over 3.7 million Bitcoin, valued at over $341 billion.