The media is buzzing about Trump's recent endorsement of Bitcoin.
Looking at Bitcoin Perception data (chart below), coverage of Bitcoin together with Trump has increased month-over-month since the start of the year, but last week saw quite a stir, since the endorsement seems to be amplifying an already existing anti-Bitcoin bias among some outlets.
Image credit: Mainstream media coverage of Trump + Bitcoin has increased since the start of 2024. (Bitcoin Perception)
Forbes, Fox, and CNBC covered Trump's move as a positive step for U.S. energy security and economic strength. They highlight how Bitcoin mining could boost energy dominance and act as a defense against centralized digital currencies.
Fox News and Forbes, in particular, stress Bitcoin's strategic benefits, aligning with libertarian and conservative values.
Image credit: Fox News/Timothy Nerozzi
Image credit: Forbes/Robert Hart
On the flip side, The Independent and The Washington Post are skeptical.
They suggest Trump's support for Bitcoin is a ploy to gain political and financial backing.
These outlets point out that Trump, who once dismissed Bitcoin, now endorses it - seeing it as an opportunistic flip-flop.
Image credit: Washington Post/Philip Bump
Image credit: The Independent/Richard Hall, Andrew Feinberg
The polarized media landscape makes it hard for the public to get a balanced view.
Pro-Trump outlets focus on Bitcoin's benefits, while anti-Trump outlets aim to undermine his motives, reflecting the broader political divide.
Historically, left-leaning outlets have slammed Bitcoin mainly on environmental grounds, arguing that Bitcoin mining consumes too much energy and harms the planet.
But now, Trump has taken center stage as their primary target. These outlets are questioning his motives, seeing his pro-Bitcoin stance as a calculated political move rather than genuine support.
It’s as if they haven’t bothered to look deeper into what Bitcoin represents beyond their usual “energy consumption = BAD” mantra.
Now it's simply shifted to “Trump = BAD” without a nuanced examination of Bitcoin's potential benefits to the people they portray to represent or its role in technological innovation.
So, is Trump's stance on Bitcoin mining a strategic move or a political tactic?
It actually depends on which outlet you let in as part of your content diet, because they will tell you different things.
But media perception - or even politics - aside; Trump's endorsement has certainly sparked a deeper conversation about Bitcoin's role in U.S. energy policy and tech innovation, and that could move the cultural needle, which is, when you think about it, a potentially more impactful thing than winning the presidency.
So as we get closer to the November elections, expect more heated debates for the peanut gallery through the mainstream media's Bitcoin coverage.
Because it's clear: This is not about Bitcoin; it's just yet another front in the ongoing political battles fought out in the media landscape to sway you towards a political side.
