What is the media's role in shaping the 'speculation vs. revolution' narrative of Bitcoin?

Hello, this is an excellent question, and it really resonates with how ordinary people feel. I've been following Bitcoin for quite a few years now, and I've seen the media's attitude towards it swing back and forth multiple times. Let's talk about this in plain language.

You can imagine the media as a super spotlight, and Bitcoin, well, it's like a peculiar new thing on a stage. Where and how this spotlight shines determines what the audience (that's us) sees.

When shaping Bitcoin's two images—"speculation" and "revolution"—the media primarily plays two roles: a magnifying glass and a cheerleader.

1. The Magnifying Glass of "Speculation": Telling a Thrilling Story of "Get Rich Quick or Lose It All"

This is what the media loves to do most, and it's the easiest way to grab attention.

• Only cares about price, not value: Look at news headlines; aren't the most common ones "Bitcoin surges past X thousand dollars!" or "Bitcoin crashes, XXX billion evaporated in a day!"? These headlines are the most sensational, like reporting on a gamble, with wins and losses, full of drama. The media knows that people are most interested in stories like "buy this morning, drive a new car tomorrow" or "a millionaire yesterday, homeless today."
• Focuses on extreme cases: The media will dig up stories like "teenage stock god achieves financial freedom with Bitcoin" or "uncle loses everything speculating on crypto." These stories are like movies, with protagonists, conflicts, and outcomes. After reading them, we either yearn for it (FOMO, fear of missing out) or are filled with fear. This emotional reporting easily simplifies Bitcoin into a high-risk "digital casino."
• Creates new vocabulary, "labeling" participants: For example, terms like "crypto speculator" or "leeks" (韭菜, meaning those who are repeatedly harvested) are largely spread through the media. When you're labeled a "leek," your participation in this activity is defined as "being harvested," which naturally reinforces the "speculative" aspect.

To put it bluntly, the media reports on the "speculative" side because traffic is life. A deep analysis of the complex blockchain technology is far less impactful than a flash news report of "50% price fluctuation in 24 hours." It's like reporting on a football match; most people care more about the score than the team's intricate tactical system.

2. The Cheerleader for "Revolution": Telling a Sci-Fi Story of "Disrupting the World, the Future Is Here"

Of course, the media isn't all about "money worship." Especially some in-depth tech and finance media, they play another role.

• Focuses on idealism and technological vision: This type of reporting shines a spotlight on the other side of Bitcoin. For example, its "decentralized" nature – meaning no banks, no governments can arbitrarily freeze your assets; it can enable "peer-to-peer" global payments, making transfers between a worker in Africa and a boss in North America as simple and cheap as sending an email.
• Shapes the image of a "rebel": The media portrays Bitcoin as a challenge to the traditional financial system (those "slow, expensive, and domineering" banks). This is a classic "David vs. Goliath" story, perfectly aligning with people's expectations for disruption and innovation. You'll see headlines like: "Could Bitcoin be the last straw to break the back of hegemonic banks?"
• Interviews industry leaders, creates "golden quotes": The media interviews Bitcoin supporters, such as CEOs of tech companies or well-known investors. Their statements, like "Bitcoin is digital gold," "blockchain is the next internet," etc., are turned into catchy quotes and spread everywhere by the media, giving Bitcoin an aura of "revolution" and "futurism."

This kind of reporting satisfies people's imagination of the future and their desire to change the status quo. It transforms Bitcoin from a cold, speculative code into a social movement with ideals and warmth.

To summarize

So, what is the media doing? It's essentially telling stories in two distinctly different ways. One story is about money, crude and simple, full of temptation and danger; the other is about ideals, a grand narrative, full of hope and the unknown.

As ordinary people, we are like the audience sitting below the stage, sometimes thrilled by "get-rich-quick myths," and other times stirred by talk of "technological revolution."

My advice is:

Media reports are like restaurant menus; the pictures always look incredibly tempting, but you have to taste the actual dish yourself to know what it's like. The media provides a "narrative," not the full picture of "facts."

Bitcoin itself possesses strong speculative attributes (huge price fluctuations) and indeed embodies a new technology and philosophy. It is both a "speculative asset" and a "seed of revolution." These two aspects are not contradictory; they coexist.

The media's role is to illuminate either of these two sides with a spotlight and a magnifying glass, making you see only the side it wants you to see. So, the next time you see news about Bitcoin, it's worth asking yourself: "What kind of story is it trying to tell me?" This way, you won't be easily led astray.