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Outside of our little crypto bubble, a lot of people are very skeptical of the world of crypto, as most people believe that crypto has no real utility, and that this space is just for gamblers and is full of scams and hacks. I have to say, I can’t blame people for having a negative opinion on crypto, because it is partly true - there are too many scams and hacks. Moreover, this negative view is a result of when the public receives information and what type of information they (do not) receive.
Most of the time, the public relies on traditional news outlets, such as newspapers and mainstream tv and radio. These media typically cover crypto when there is a negative event, such as when the price crashes during the Luna and 3AC fiasco, when countries ban crypto, or when key figures (e.g., news anchors, financial experts) speak out against crypto, calling it useless and that it will all go to zero. At times the traditional media outlets might be more positive in their scarce coverage, but that is either when something unusual happens such as a doggy coin exploding and making teenagers rich, or when we are near ATH, when retail is sucked in as exit liquidity only to be dumped on the following years. This cycle of dumping on retail is obviously a problem, as it pushes new users away from this space.
Rarely if ever do these media educate the public on what crypto is and what it could do; therefore, a lot of the public does not know what the function of Bitcoin or alts is and how cryptocurrency can benefit mankind (e.g., in terms of decentralization or privacy). Sometimes the traditional media give it a try, but often these attempts hurt us rather than help, because the people they invite that are supposed to represent us well in fact do the opposite. Sometimes they invite bitcoin maxis, like Michael Saylor, that make us seem like a religious cult. Other times they invite some kind of “key influencer”, like The Moon, Plan B, or Bitboy, that act like a nutcase and are entirely unprofessional. This, in the eyes of the public, likely only strengthens the perspective that this space is filled with nerdy nutcases. Moreover, most of these people fail to explain in simple terms what crypto is and what its benefits are and why the general public should care about crypto.
Hence, in my view, we need to do a better job of educating the public. If we do not do so, I am afraid that we will lose the battle of privacy and decentralization, as governments and the traditional financial system are getting ready to shove CBDCs down our throat. But how can we do this? A few thoughts from my side:
But I am sure you have better ideas. Looking forward to your thoughts.
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