I logged back on to social media after a week offline in the field, only to see my timeline filled with news about an assassination attempt on Trump.
My first thought, upon noticing my impeccable timing, was: “Let me see how CNN frames this.“
And behold, the first thing they wrote was that “Trump was rushed off the stage after falling at his rally“.
You may have had a similar thought process as mine, and if so, you will probably agree that the media landscape has changed.
A lot.
Influenced by the political leanings of its workforce, the rise of cancel culture, and the need to make money, this shift has had a huge impact on the way technology and Bitcoin (and pretty much everything else) are viewed.
So what is going on here?
Let's dive into what's shaping today's media.
There is no monolithic media elite
To start, let's get one thing clear: there is no secret group of media elites making the decisions.
The idea that a capital “M” media controls everything is simply not true.
It is a myth.
What is really happening is that many journalists come from elite schools like Columbia, Harvard or Penn. This trend has brought a liberal bias to the media, not because of some grand conspiracy, but because of the backgrounds and opinions of those who create the news.
This liberal bias has particularly affected coverage of technology and Bitcoin, making left-leaning media outlets essentially… anti-technology.
In general, liberals have been wary of rapid technological advances and the decentralized nature of Bitcoin, seeing them as threats to traditional financial systems and regulations.
The rise of cancel culture
Another factor is that the past decade has seen the rise of cancel culture, in which people or companies face public humiliation for controversial opinions or actions.
This has also had a major impact on media companies, making journalists feel they need to align their reporting with prevailing attitudes to avoid negative reactions.
As a result, media companies have allowed the political biases of their employees to define content more than before.
Now, you might think this is different from mainstream media in previous decades, which aspired to be more balanced and less politically charged.
It is true that political bias has often overshadowed objective reporting, especially in such sensitive areas as technology and Bitcoin, but this is nothing new.
Pursuing the truth vs. making money
At the heart of media operations is the struggle between finding the truth and making money.
These companies make money in two ways: advertising, which connects potential buyers with sellers, and subscriptions, which include consumer subscriptions (like their $10-a-month news subscription) and business subscriptions (like buying a Bloomberg terminal).
Looking back over the past 15 years, the era of mass-market publishing is over. Today, media thrives at two ends of the spectrum.
The New York Times, for example, is doing… phenomenally wellPeople may not realize that, right now, the New York Times is actually a product company, with 30-40% of its business coming from games and cooking, and the other big chunk from subscriptions.
The point is that while journalism ideally seeks to uncover and report the truth, economic realities dictate otherwise.
Media companies need to engage their audience and make money in different ways, so they cater to what their audience wants, sometimes sacrificing objective truth, sometimes sacrificing actual journalistic work in favor of whatever makes money.
This explains why media outlets tailor their content to the preferences of their audience.
Editorial decisions about which stories to highlight and how to frame issues are driven by what will attract readers and viewers not only to the story itself, but also to the multimedia ecosystem that an outlet wants to offer in order to remain relevant and economically viable.
A historical perspective on media bias
But while these different revenue streams constitute new approaches for the media, bias itself is not.
During the American Civil War, newspapers openly supported specific political factions. (Google “Copperhead Democrats” to get a feel for one of three different media outlets, each of which chooses a side).
Today's media works exactly the same way, just with modern complexities.
Digital platforms and algorithms that curate content based on user preferences have intensified echo chambers, where people primarily see information that supports their existing beliefs.
This echo chamber effect worsens media bias, as outlets produce content that aligns with their audience's opinions to keep them interested.
For technology and Bitcoin, this means that negative narratives will persist, making it harder to combat bias.
Bitcoin is not for everyone
In an op-ed last year, I wrote about how Bitcoin is not for everyonewhich means that specific groups need to be analyzed. Bitcoin and the technology industry in general need to understand and navigate this landscape.
Because having a predisposition towards certain topics is fine, it is part of the media. The problem arises when that predisposition leads to writing things that are not true.
And that is why people have begun to detest the mainstream media as a whole: not because it is biased, but because that bias often overrides truthful reporting. This is a relatively new phenomenon.
And by the looks of it, this could continue, or the media could realize that if they keep doing this, they will lose the trust of their audience.
Or maybe the lesson is the other way around: if you go too neutralYour audience might also react negatively, trying to cancel or terminate your contract.
Most media outlets, whether CNN, The New York Times or Fox News, know what their audience wants to hear. The only time they face a revolt is when they present the opposite narrative.
So choose your content consumption carefully.
Because I know the world is scary right now, but it's going to get a lot worse.
This is a guest post by Fernando Nikolic. The views expressed are solely his own and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.
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