STUART MACINTOSH AGAINST RNZ

1. RNZ published a story on 6 March 2024 headlined, Bitcoin hits record level against US dollar. The article reported the surge in value of the crypto-currency and reported comments from market experts.
2. Stuart MacIntosh said Bitcoin was an illegal pyramid scheme and reporting on Bitcoin and other cryptocurrencies should make this clear.
3. In response, RNZ disagreed and said it did not believe its reporting was in breach of any Media Council Principles. It could not find any evidence of Bitcoin being a pyramid scheme. It was a tradable good and recognised by many governments. The article did not describe it as a “currency” but rather as  “crypto currency”.
4. The Media Council believes the complaint is based on a misunderstanding of the nature of crypto currencies. Bitcoins are computer-made digital tokens that are traded outside the normal banking system or the control of central banks. While they may be commonly used by people who want to avoid banks or hide their financial dealings, they do not have the characteristics of pyramid schemes which inevitably collapse and cause losses because they can only be sustained by recruiting ever more investors.
5. The story was about a surge in the value of Bitcoin and did not purport to be a full analysis of the nature of the Bitcoin market.  No factual basis for the assertion that Bitcoin is an illegal pyramid scheme was established in the material received. There was nothing to suggest that the story was inaccurate or unfair or that the report breached any Media Council principles.
6. Decision: There were no grounds to proceed

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