Ethereum’s media perception has been on a roller coaster ride since its inception in 2015, but the blockchain and its native cryptocurrency, the Ether (ETH) clearly looks like they are in second place behind Bitcoin (BTC).
While Bitcoin became famous for the infamous SilkRoad Darknet market and its peak price of $ 20,000 in 2017, Ether had less noticeable interactions with large mediaAlthough some may point out how he drove the ICOs and made trading virtual cats a worthwhile hobby.
Vitalik Buterin is the personification of Ethereum
The co-creator of Ethereum, Vitalik Buterin was and is significantly involved in shaping his image in the media. In stark contrast to Bitcoin’s anonymous Satoshi Nakamoto, Buterin personified the Ethereum for many.
This has made it easier for many to understand what Ethereum is, with its own foundation, led by Buterin and other notable personalities like Gavin Wood from Parity Technologies and Joseph Lubin from Consensys.
Anyone who doubts Buterin’s influence should consider the extensive reporting in crypto media about everything that Buterin wrote on Reddit or Twitter – where he is now to have almost a million followers – during the insanity of the ICOs.
The temptation to mix Ethereum and its co-creator proved irresistible to the mainstream media and shaped the way he reported on the fate and operation of a blockchain that was supposed to function without trust.
In his 2018 Financial Times interview – a publication typically reserved for central bankers, CEOs, and other dignitaries – Buterin is known for “operating a $ 125 billion blockchain.”
The relatively positive impression of Ethereum in the mainstream media compared to Bitcoin was shaped by the story of a 19-year-old programmer who founded Bitcoin Magazine, one of the publications related to Bitcoin, to earn BTC. which finally led him to create Ethereum, which triggered a whole wave of innovations for this emerging technology.
This story, which fascinated many outsiders, eventually led to growing interest in Ethereum at a time when not many knew what it was.
The insanity of ICOs and their bad reputation in cryptocurrencies
The enthusiasm of the ICOs that started in 2017 made the traditional world aware of cryptocurrencies, but many would not have known how instrumental Ethereum was for this hype. However, It was instrumental in making Ethereum known, but it didn’t give it the best reputation when regulators like the U.S. Securities and Exchange Commission started tackling it in 2018.
It was also the time when the New York Times and Financial Times published explanatory articles and cover stories about the popular Ethereum-based donation method., which helped educate and inform the public about it.
All right: The wave of innovation in 2017 challenged many journalists dealing with technology or finance and prompted them to investigate how the Ethereum blockchain and its range of smart contracts made it possible to build innovative applications and projects on it.
Ethereum played a big role in making blockchain a buzzword this yearand people experimented with the use of technology in everything from energy and property to data and our identity in the blockchain. At that time, crypto and blockchain journalists appeared in well-known financial publications such as Bloomberg, CNBC, Business Insider and the Financial Times.
It was only when the SEC filed class action lawsuits alleging that the tokens released by ICOs on Ethereum were securities were the platform building a negative stigma.
Ethereum is still behind the scenes of DApps and DeFi
Although Ethereum is pushing further technology leaps forward with the advent of decentralized apps or DApps like Cryptokitties and the explosion of decentralized financial markets or DeFi, which is about to reach the $ 4 billion mark, it still doesn’t look that way. Get a lot of fame in the mainstream press.
Nonetheless, messages from people who bought virtual kittens for up to $ 170,000 helped the mainstream media understand the concept of non-consumable tokens in an easily understandable and understandable manner.
This shows that with everything in cryptocurrency, Assigning a large amount of dollars to the value of cryptocurrencies will draw media attention, which in turn will help raise awareness of Ethere as a cryptocurrency.
Meanwhile, DeFi as Ethereum’s core app is slowly entering the headspace of traditional financial media, albeit fueled by skepticism and concern.
At the time of writing, Ether has had a high price all year round, some say so This growth was fueled by interest in DeFi, fueled by the popularity of yield farming as a way to generate residual income from crypto assets.
We are in 2020 and the COVID-19 pandemic has reversed the global economy. Get people to look for alternative forms of finance, with some interest in the digital assets industry.
But also with the upcoming Ethereum 2.0 update and the estimates of another rally on the crypto market It may take a while for Ethereum to mass-introduce its technology before becoming the focus of the media.
The views, thoughts and opinions expressed here are only those of the author and do not necessarily reflect or represent the views and opinions of Cointelegraph.