ABC Slams Bitcoin as ’High-Risk Punt’ While ABIB Files Formal Complaint

Bitcoin faces a fresh wave of institutional skepticism as ABC labels the asset a volatile gamble and ABIB takes regulatory action.

The Accusation: Speculation, Not Investment

ABC's critique cuts to the core of traditional finance's unease. The firm frames Bitcoin not as a groundbreaking technology or a new asset class, but as a high-stakes punt—a bet on volatility rather than a store of value. This perspective sidelines narratives about decentralization and digital scarcity, focusing purely on price action and risk metrics that would give any conventional portfolio manager heartburn.

The Regulatory Ripple

ABIB's formal complaint adds legal weight to the criticism. Filing with regulators signals a move beyond mere opinion and into the realm of formal scrutiny. It pressures watchdogs to examine whether Bitcoin's market structure—or its promotion—crosses lines designed for traditional securities. This isn't just talk; it's a paper trail that could trigger hearings, investigations, or stricter guidelines for how funds and platforms handle crypto exposure.

Between Disruption and Disorder

The twin actions highlight the persistent friction between crypto's disruptive ethos and the established rules of the financial game. Proponents see an inevitable future; detractors see a casino masquerading as capital markets—another case of 'financial innovation' where the main innovation seems to be finding new ways to separate the optimistic from their capital.

The clash continues. Every regulatory complaint and institutional critique hardens battle lines, forcing the market to answer a persistent question: Is Bitcoin building a new system, or just exploiting loopholes in the old one?

ABC criticizes Bitcoin as a high-risk, high-volatility punt

ABC, the nation’s largest media organization, which operates television, radio, and digital news services, published the contested piece on December 1. It analysed Bitcoin’s recent price volatility while questioning its utility. 

The article written by chief business correspondent Ian Verrender stated, “Conceived almost 18 years ago by the mysterious Satoshi Nakamoto, or someone acting under that name, Bitcoin has never realised any of its stated goals and has no useful purpose. It hasn’t replaced the global financial system and is rarely used in ordinary, legitimate transactions.”

The article also described Bitcoin as increasingly volatile and that it is no longer considered a store of wealth. “And now it seems likely that even those engaged in nefarious dealings are shying away from it,” the article continues.

Additionally, the article highlighted that Bitcoin will not challenge the global dominance of the US dollar and that it no longer even pretends to be in a position to replace the greenback. Instead, it is now behaving less like the digital Gold it was once hailed as and increasingly like a high-risk, high-volatile punt. And it is getting worse.

ABIB stated that the coverage breaches the ABC’s own Editorial Policies and Code of Conduct by ignoring well-documented global and local use-cases. That includes energy grid stabilization and humanitarian remittances, as well as merchant adoption and sovereign reserves.

The group also stated that it is frequently contacted by members of the public who are frustrated by recurring misrepresentations of Bitcoin in Australian media. To that end, ABIB calls on the ABC to issue corrections, uphold its editorial obligations, and engage subject-matter expertise in future reporting.

“The public deserves better […] Bitcoin deserves informed, responsible coverage, not dismissal through outdated narratives,” the group wrote.

Meanwhile, Bitcoin has increased by 6% over the last week. However, it is still 14% down in the last month. The coin is trading at $92,338.

ABC criticizes Tether as an avenue to fly under the radar for criminals

Besides Bitcoin, Tether wasn’t spared. The article stated, “As a stablecoin, Tether operates differently from most others in the crypto world. Unlike Bitcoin, which has a publicly available ledger, Tether offers users an avenue to fly under the radar. It now dominates trading across borders from the bazaars of Istanbul to Beijing and the barrios of Rio de Janeiro, allowing profits to be laundered globally and transfers hidden.”

It quoted research firm Chainalysis, which revealed that in the last calendar year, approximately $41 billion of crypto linked to illegal activities was exchanged globally as stablecoins. It also quoted an investigation by The Economist newspaper, entitled ‘How Tether became money launderers’ dream currency.’

The International Consortium of Investigative Journalists revealed that at least $1.4 billion in USDT tokens passed through a crypto wallet linked to the Cambodia-based Huione Group. The group was flagged by US authorities for laundering billions tied to North Korean hackers, human trafficking, and scam operations.

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