Media perception of Ethereum has been on a roller coaster since its inception in 2015, but the Blockchain and its native cryptocurrency, the Ether (ETH) clearly looks like they are second behind Bitcoin (BTC).
While Bitcoin rose to fame due to the notorious darknet SilkRoad market and its peak price of $ 20,000 in 2017, Ether has had less noticeable interactions with major media outletsAlthough some might refer to how he allowed the ICOs craze and made the virtual cat trade a worthwhile hobby.
Vitalik Buterin is the personification of Ethereum
The co-creator of Ethereum, Vitalik Buterin, has been, and continues to be, very influential in shaping his image in the media. In stark contrast to Bitcoin’s anonymous Satoshi Nakamoto, Buterin has personified, for many, Ethereum.
This has made it easier for many to understand what Ethereum is, with its own foundation led by Buterin and other notable figures such as Gavin Wood of Parity Technologies and Joseph Lubin of Consensys.
Anyone doubting Buterin’s influence should consider the extensive crypto media coverage of everything Buterin wrote on Reddit or Twitter – where he currently have just under a million followers – during the madness of ICOs.
The temptation to mix Ethereum and its co-creator proved irresistible to the mainstream media and helped shape the way he reported on the fate and operation of a Blockchain that should work without trust.
Ethereum’s relatively favorable impression, compared to Bitcoin, in the mainstream media has been shaped by the story of a 19-year-old programmer who started Bitcoin Magazine, one of the Bitcoin-related publications, to earn some BTC, which led him to finally create Ethereum, which sparked a whole wave of innovation for this emerging technology.
This story that intrigued many outsiders eventually led to a growing interest in Ethereum at a time when not many knew what it was.
The madness of ICOs and their bad reputation in cryptocurrencies
The ICOs craze, which took off in 2017, brought cryptocurrencies to the attention of the traditional world, but many would not have known how instrumental Ethereum was for this hype. However, It was instrumental in bringing Ethereum to fame, but it did not give it the best reputation when regulators like the United States Securities and Exchange Commission began cracking down on it in 2018.
It was also the time when The New York Times and the Financial Times began posting explanatory articles and cover stories about the popular Ethereum-based fundraising method, which helped educate and inform the public about it.
It is clear: The wave of innovation that emerged in 2017 challenged and led many journalists who were covering technology or finance to start investigating how the Ethereum Blockchain and its smart contracts offering allowed to build innovative applications and projects on it.
Ethereum played a big role in making Blockchain a buzzword that year, and people began experimenting with the application of technology in anything from energy and ownership to data and our identities on the Blockchain. It was at this time that crypto and Blockchain journalists began to emerge in notable financial publications such as Bloomberg, CNBC, Business Insider, and the Financial Times.
Only when the SEC filed class action lawsuits alleging that the tokens released by ICOs on Ethereum were considered securities, did the platform build negative stigma around it.
Ethereum still behind the scenes of DApps and DeFi
Although Ethereum is driving more tech leaps with the rise of decentralized apps, or DApps, like Cryptokitties and fueling the explosion of decentralized finance, or DeFi – which is close to reaching the $ 4 billion valuation mark – it still doesn’t look like it. get a lot of glory in the mainstream press.
Despite this, news about people who they buy Virtual kittens for up to $ 170,000 helped mainstream media understand the concept of non-expendable tokens in an easy to understand and relate way.
This shows that with everything in cryptocurrency, allocating a high amount of dollars to the value of cryptocurrencies will capture the attention of the media, which in turn helps increase Ethere’s awareness as a cryptocurrency.
In the meantime, DeFi as the main Ethereum app is slowly entering the headspace of traditional financial media, albeit fed out of skepticism and concern.
At the time of writing this report, Ether has hit a high price year-round, with some saying that This growth has been fueled by interest in DeFi, fueled by the popularity of Yield Farming as a way to earn passive income from crypto assets themselves.
We are in the year 2020, and the COVID-19 pandemic has turned the world economy around, leading people to seek alternative forms of financing, with the digital asset industry attracting some interest.
But even with the upcoming Ethereum 2.0 update and the sentiments of another rally in the crypto market, Ethereum may still have a while to go before mass adoption of its technology before it puts itself in the spotlight of the media.
The views, thoughts and opinions expressed here are those of the author only and do not necessarily reflect or represent the views and opinions of Cointelegraph.