A leading crypto industry group has lodged a formal complaint with the Australian Broadcasting Corporation, arguing that a recent article contained multiple inaccuracies and misleading claims about Bitcoin.
In its filing, the Australian Bitcoin Industry Body (ABIB) said the report portrayed Bitcoin primarily as a volatile asset used by criminals, while overlooking its potential benefits for energy systems and humanitarian applications.
“The article distorted Bitcoin’s purpose, conflated it with illicit activity, ignored widely available public information, and relied on sensational language instead of evidence,” ABIB stated.
“It ignored well-documented global and local use cases… [and] effectively reduced its coverage to outdated & misleading tropes, and narratives on price swings and US politics.”
ABIB said on X that the article’s “one-sided framing” violated the broadcaster’s editorial standards and code of conduct. The group’s complaint details the specific passages it wants corrected and the exact editorial policies it believes were breached. Under its code of practice, the ABC has 60 days to issue a response.
The ABC serves as Australia’s national public broadcaster, funded by the federal government and overseen by a government-appointed board. According to the audience-measurement platform Ipsos Iris, the outlet drew more than 12 million readers in October.
If the ABC fails to respond within the required timeframe — or if ABIB is not satisfied with the outcome — the group can escalate the matter to the Australian Communications and Media Authority. The regulator may then choose to open an investigation and, if a breach is confirmed, impose enforcement measures such as issuing a warning, an infringement notice, or making a licensing decision.
Only 0.14% of on-chain transactions are criminal
The ABC’s Tuesday report characterized Bitcoin as a key tool for criminal enterprises, even though fiat currency remains far more commonly used for illicit activity.
“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 claimed.
However, a January analysis by blockchain research firm Chainalysis contradicts this portrayal, showing that only 0.14% of all on-chain transaction volume in 2024 was linked to potential criminal behavior. By comparison, the United Nations Office on Drugs and Crime has previously estimated that criminal proceeds amount to roughly 3.6% of global GDP — overwhelmingly denominated in fiat currency.
Bitcoin viewed as a store of wealth
The ABC article also asserted that Bitcoin has failed to meet its stated objectives and lacks any practical utility. It further claimed that the asset sees little use in legitimate transactions and is no longer regarded as a dependable store of value.
However, institutional interest in Bitcoin and other cryptocurrencies has grown rapidly over the past two years, driven by investment products such as exchange-traded funds and corporate digital-asset treasuries.
According to BitBo, publicly listed companies, private firms, ETFs, and even nation-states collectively hold more than 3.7 million Bitcoin — valued at over $341 billion. Meanwhile, banks and investment managers, including several longtime skeptics, have begun cautiously expanding into the sector.
On Monday, Vanguard — the world’s second-largest asset manager — announced it would allow clients to trade crypto ETFs on its platform, marking a reversal of its previous position.
Crypto misinformation remains an issue in mainstream media, lobby says
A July report from market-intelligence firm Perception examined Q2 mainstream-media coverage of crypto and found that among the 18 outlets surveyed, 31% of articles were positive, 41% were neutral, and 28% carried a negative tone.
ABIB said it regularly receives messages from the public about misleading or inaccurate reporting on Bitcoin within the Australian media, particularly from publicly funded organizations.
“Bitcoin deserves informed, responsible coverage, not dismissal through outdated narratives,” the group said.
