Blockchain and Cryptocurrencies have been rapidly gaining traction over the past few years, and media outlets have a crucial role to play in shaping the narrative and educating the public. In the MENA region, Unlock Blockchain has been at the forefront of increasing awareness and educating the public about the benefits and risks of Cryptocurrencies since 2017. However, despite their efforts, they remain a small outlet compared to mainstream media.
However, mainstream media outlets in MENA may not have invested enough resources or effort into covering this emerging industry. The main reason behind this is that regulation in the Crypto space was unclear until late 2022, making it difficult for media outlets to invest and report on an unregulated industry. Media professionals must navigate strict laws surrounding reporting on sensitive topics, which creates a challenging environment for them to report on the crypto industry in a transparent and informative way.
Furthermore, the income flow from crypto companies is not as sustainable as traditional industries such as banking, real estate, and services. This results in limited advertisement spending and minimal financial incentives for professionals to report on the Crypto industry.
Despite these challenges, it is crucial for media outlets to address several topics when covering the Crypto industry. These include the exponential growth of venture capital firms without a proven track record, as well as the real size of money being deployed for investments and the successful implementation of Blockchain technology in disrupting legacy systems such as payments and lending. By offering their audience a glimpse into the future of finance, media outlets can drive greater adoption and investment into the market.
In the UAE, media outlets have a significant responsibility to cover the Crypto industry and promote the country’s efforts to attract major industry players. While the UAE is leading the world in attracting such players, the local media often fails to keep up with the same speed. It is important to remember that these companies are not solely in the UAE for the local market, but also for their global and regional roles. Therefore, media responsibility goes beyond borders to promote UAE efforts and educate a wider audience about what the country has to offer.
Despite the challenges faced by media outlets, Unlock Blockchain remains committed to educating the public in the MENA region. As the crypto space continues to grow and evolve, the role of media outlets in shaping the narrative and increasing awareness becomes increasingly important.