Recognizing the fact that money talks, Richard Iamunno, the CEO of Atlantic International Capital Digital Asset Group, notes that media publications are greatly influenced by those who pay their writers to cover what they cover. “Paid media is something that crosses all forms of media. Increasingly mainstream media writers have their own foundations whose donations increase their attention on what gets written.”
And it isn’t just the smaller publications, he says. “Pay for play articles used to be common for the bottom of the barrel type publications. This is no longer the case,” Iamunno notes. “Some of the biggest names in media – Forbes, USA Today – all participate in one way or another.”
Richard Iamunno’s Thoughts on Crypto Media
But what about the world of cryptocurrency? Has crypto media become oversaturated with writers and influencers just trying to use hype to make a buck? According to Richard Iamunno, the answer is somewhat “yes and no.”
“Crypto is no different,” he says, “but like the blockchain itself, it’s more transparent.” This is in reference to blockchain technology, the tech behind how crypto transactions work. Most blockchains are totally public and accessible by anyone, contributing to the transparency that has been part of many cryptocurrencies’ popularity over the years.
Iamunno goes on to say that “with the paid subscriptions model dying a not-so-slow death, the blogs and publications are fighting for revenues and audience share.” He points out that with fewer people buying large bundles of media for several months (or a year) at a time, there’s a higher demand for covering the data people are interested in through articles and other types of content that are easily accessible.
According to Richard Iamunno, the world of crypto is still new enough not to be overrun by too many voices contending for the public’s attention and trust. But that won’t always be the case. “When a final clear pecking order in crypto media is decided (currently not the case), this model may change to mirror more of the mainstream. There will still be paid content, just not so transparent and more subtle.”
Being a Discerning Reader
At that point, it will be more important than ever that the average consumer be discerning as to how relevant and trustworthy the media they encounter about crypto really is. As Richard Iamunno has noted, transparency is part of how much of the cryptocurrency world has been set up, but that doesn’t mean that the material put out to the public is uninfluenced by individuals or organizations with their own agendas in mind.
The bottom line for those interested (and especially those invested) in crypto is to approach crypto media with the right balance of humility and caution.