A second-quarter survey of 18 mainstream news outlets logged 1,116 Bitcoin (BTC) stories and measured sentiment at 31% positive, 41% neutral, and 28% negative, according to Bitcoin analysis firm Perception.

The data reveal a significant gap between finance-focused media that cover the market extensively and legacy publications that rarely address it.

Sparse coverage

Perception counted two Bitcoin articles in The Wall Street Journal, 11 in the Financial Times, and 11 in The New York Times. These totals trailed every finance-oriented title in the sample and even lagged mid-tier general outlets. 

Audiences that rely on these newspapers for market intelligence received almost no information on an asset that outperformed broad indexes again in the quarter. The report referred to this mismatch as an “editorial blind-spot risk” because institutional investors may base their portfolio decisions on incomplete information.

High-volume business channels drove the most constructive coverage. Forbes produced 194 Bitcoin stories with a positive-to-negative ratio of roughly 1.8:1. At the same time, CNBC published 141 items at 2.5:1; and Fortune filed 117 pieces that leaned modestly positive.

These outlets focused on adoption metrics, exchange-traded funds (ETFs), treasury allocations, and mining economics, presenting Bitcoin as a viable macro asset rather than a novelty.

Negative framing clustered elsewhere. The Independent ran 45 stories with a 2.3:1 negative tilt, while Fox News and Barron’s delivered smaller volumes but similar skepticism, focusing on crime, cybersecurity breaches, and price volatility. 

Perception grouped coverage into three narrative blocs: enthusiastic adoption (Forbes, CNBC), willful minimalism (WSJ, FT, NYT), and persistent skepticism led by traditional general interest outlets.

Information asymmetry

According to the report, the divergence matters because large-cap digital assets now trade with liquidity comparable to some G-10 currencies, and exchange-listed spot ETFs cleared record volumes during the quarter. 

Asset managers that monitor only the low-volume publications may miss regulatory developments, fund flow data, and corporate treasury moves that the high-volume cohort documents in near real-time.

The report concluded that the coverage split creates both risk and opportunity: risk for institutions that depend on undersupplied channels and opportunity for readers who follow the outlets that closely track market mechanics. 

With sentiment and story counts quantifiable every quarter, portfolio teams can benchmark media exposure against price action and adjust their information sources accordingly.

Peter Märkl, general counsel at Swiss crypto exchange Bitcoin Suisse, said the European Union and Switzerland lack clarity in their respective stablecoin regulatory frameworks.

Märkl told Cointelegraph on the sidelines of the German Blockchain Week that “there’s a lot to be done” when it comes to the classification and the rules applying to stablecoins under the EU’s Markets in Crypto-Assets Regulation (MiCA) framework.

He said MiCA provides “a comprehensive, harmonized regulatory framework” for stablecoin issuance, offering and custody. However, “due to the rapidly evolving nature of crypto-assets and their use cases, classification remains dynamic and can, in certain cases, shift over time,” Märkl added.

He highlighted, among other things, that it puts players from outside the EU at a disadvantage:

“Foreign stablecoin issuers need to seriously consider a license under MiCA as recent supervisory actions in Germany point to a strict enforcement of the rules.”

Concerning Switzerland’s rules, Märkl said they are unfriendly to issuers. This is because the regulators put the Know Your Customer (KYC) burden on the issuers, essentially requiring the stablecoin issuer to know the identity of individual holders, which he views as “unreasonable.”

Related: Euro stablecoin by DWS and Deutsche Bank gets regulatory approval

Overall, Märkl said that four years after Switzerland’s DLT Act introduction — which he recognized as “a great legislative platform — there are still holes in the local regulatory framework. He highlighted the need to “put a focus on the regulation of stablecoins” and provide “a set of rules that is comfortable for the players.”

He added, “We know that there is a legislative process ongoing, but the outcome needs to be assessed.”

Related: ‘Policy procrastination’ leaves UK trailing EU, US in crypto regulation: Experts

Bitcoin Suisse’s EU ambitions

Märkl also said Bitcoin Suisse will leverage its five-year-old Liechtenstein Crypto-Asset Service Provider registration to seek a full MiCA license:

“In terms of Bitcoin Suisse, we have run a subsidiary in Liechtenstein for five years, which is nationally registered under the TV2 law. It’s a registered CASP, and it would be a natural choice to extend this to a MiCA license.”

Middle East, UK and US also in the crosshairs

Bitcoin Suisse is also eyeing international expansion beyond Europe. The company received in-principle approval from the Abu Dhabi Global Market (ADGM) back in May. Now, Märkl said that the firm’s CEO, Andrej Majcen, relocated to Abu Dhabi one and a half years ago, and that the company sees “a tremendous attraction” toward the Middle East.

The company is also exploring opportunities in the United Kingdom and the United States, although final decisions will depend on regulatory developments, Märkl said.

Magazine: How crypto laws are changing across the world in 2025

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