Mainstream media coverage of Bitcoin and the broader crypto market remained limited and polarized in the second quarter of the year, despite Bitcoin reaching a new all-time high, according to a report by market intelligence firm Perception.
The report, released Tuesday, revealed that just 1,116 articles on digital assets were published by 18 major media outlets during Q2, reflecting what it called a “deeply polarized narrative landscape.”
Although the report didn’t offer direct comparisons to previous quarters, it noted a significant split in sentiment: 31% of articles portrayed Bitcoin positively, 41% took a neutral stance, and 28% were negative.
Perception also highlighted a notable lack of coverage from top-tier financial media. For example, The Wall Street Journal published only two Bitcoin-related articles in Q2, while the Financial Times and The New York Times published a combined 11. Altogether, these three outlets made up just 2% of the total mass media coverage on Bitcoin and crypto during the quarter.
Mainstream media follows three distinct narratives in its coverage of Bitcoin
Perception identified three distinct narratives in how major media outlets report on Bitcoin, largely shaped by what it described as “editorial blindness” from agenda-setting publications.
The first narrative, “enthusiastic adoption,” was led by outlets like Forbes and CNBC, which provided extensive and generally positive coverage. The second, labeled “willful blindness,” was attributed to publications such as The Wall Street Journal and the Financial Times, which offered minimal attention to Bitcoin. The third narrative, “persistent skepticism,” came from traditional media that focused largely on crime, controversy, and criticism.
According to Perception, high-volume financial outlets like Forbes, CNBC, and Barron’s stepped in to fill the coverage gap left by top-tier financial publications.
Distribution of crypto-related topics differs across news outlets
The research also revealed notable differences in how news outlets covered topics within the crypto industry.
Forbes concentrated on themes such as retail adoption, Bitcoin mining, and institutional involvement. CNBC placed greater emphasis on banking and finance, market analysis, and investment products. Fortune devoted substantial coverage to mining, banking, and market trends, while Fox News primarily focused on crime, legal issues, and cybersecurity.
Information asymmetry leaves readers “underinformed”
The report concluded that this uneven coverage results in notable “information asymmetry.”
It argued that investors who depend on top-tier financial media for insights are “systematically underinformed” about Bitcoin and the broader crypto space—an emerging and potentially transformative asset class.
