Few players have as much influence in the crypto space as crypto journalists. Tasked with reporting new developments and uncovering obscure ones, they’re often at the forefront of the most exciting developments in the market.
This is why crypto journalism has become such an attractive career path. It offers good pay and advancement opportunities while allowing an active role in building and sustaining a healthy ecosystem.
So, what does it take to get in?
In this Reporter’s roundtable episode, we sat down with Omkar Godbole, co-managing editor on CoinDesk’s Markets team based in Mumbai, India, for insights into what it takes to be a successful crypto journalist.
It is hard to quantify the sheer volume of events happening in crypto every day. There are so many developments that even a short break from monitoring the markets will have you feeling like a newbie when you return.
“I've never been out for more than seven or eight days, and I'm always checking out things on Twitter even when I'm on holiday,” says Omkar. “But when you come back to work, it feels like, you know, you have never been a part of the crypto market.”
So as a crypto journalist, you have to try and stay in touch with the market, even when you’re away. It can also be challenging to decide what deserves attention with so much happening in the space.
In this case, the secret lies in striking a balance between covering current trends and providing deep, meaningful insights in your reporting.
Staying updated on current trends keeps the audience at pace with the evolving crypto landscape. On the other hand, offering deep insights helps them understand the implications of these trends and their broader context.
The crypto market is rife with speculation. No, not the investing kind of speculation; we’re talking the ‘jumping to conclusions without evidence’ kind of speculation.
Sometimes this is caused by ignorance or oversight. But a lot of the time, it is driven by an agenda; like hyping a particular protocol or asset. As such, it’s something crypto journalists should be constantly aware of considering the kind of influence they hold in the space.
This makes fact-checking is a crypto journalist's best friend. It's crucial, not only to your career but also to the overall health of the space that you find all the facts of a situation before putting out any news on it.
As a journalist, you don’t want to get drawn into speculation. You also have to be careful that you don’t ‘grab any legal eyeballs.’ According to Omkar, the best thing you can do is remain unbiased.
He emphasizes that crypto journalists should avoid forming overly strong opinions without solid backing. You should be careful not to get emotionally attached to ideas and instead, maintain neutrality and ensure that every argument you make is supported by verifiable data.
Crypto may exist outside traditional institutions and systems. But as you’ll quickly learn, it is affected by the wider economic, financial, and political conditions.
A good example is DeFi Summer. The summer of 2020 was a key period marked by the rapid expansion of the decentralized finance space. How?
Responding to economic shock from the COVID-19 pandemic, many central banks implemented expansionary monetary policies. These included lowering interest rates and executing programs that pumped liquidity into financial markets.
On top of that, some governments offered direct monetary support to their citizens in the form of stimulus checks. As a result, many people ended up with more disposable cash. They needed somewhere to put it, and a good number of them chose DeFi.
Furthermore, the lowering of interest rates lowered yields in traditional finance. This made the high yields offered in DeFi more attractive, pulling a wave of new investors into the space.
“The macro-environment was supportive of the narratives [in DeFi summer] because we had so much liquidity coming in from central banks and then governments were handing out stimulus checks,” says Omkar.
The effect was that demand for DeFi services and opportunities surged, leading to a boom in DeFi. This would, however, wane as government support was withdrawn, illustrating the impact of macro factors on crypto.
Thus, successful crypto journalism demands that you pay attention to trends such as central bank policies and government regulations, which will help you better predict the direction of the crypto market.
Journalism requires staying ahead of the curve. The crypto market, on the other hand, moves fast. So, for crypto journalists, constant vigilance, thorough fact-checking, and a deep understanding of both micro and macroeconomic factors are absolute necessities.
There are a couple of other skills you’ll want to have in your toolbox as well.
“When you’re discussing complicated things you need to make sure that the average reader will understand. I’ve written so many pieces about options and futures, but every piece has a paragraph about exactly what options and futures are,” says Okmar.
There are also various annual and quarterly reports from Gemini, Chainalysis, Messari, etc., with valuable insights into the state of crypto.
According to a Chainalysis report, the total global crypto activity in Q1 2024 rose to levels higher than those of 2021’s bull market. The same report also outlines India, Nigeria, Indonesia, the United States, and Vietnam as the top 5 crypto adopters in 2024.
Innovation hasn’t slowed down either. This year, the space has enjoyed some notable breakthroughs. These include:
In crypto today, two of the most exciting areas are stablecoins and tokenization.
Stablecoins are digital assets whose values are typically pegged to real-world currencies, like the dollar or euro. Over the past couple of years, they have become mainstream, with many businesses and individuals using them for cross-border payments and international trade.
One of the most significant developments was Visa’s decision to incorporate and expand its stablecoin settlement capabilities, which has allowed a growing number of merchants to receive payments in stablecoins.
“Stablecoins are out there on the mainstream. I know for a fact that they're being used to move working capital across borders,” he says. He also recognizes tokenization as another trend worth watching.
Tokenization refers to bringing the value of assets, like land, art, and jewelry on-chain. It is typically seen as the bridge between traditional finance and blockchain technology, carrying the potential to democratize and speed up investment in markets that would otherwise be inaccessible to most people.
This is why Maple, a DeFi lending protocol, added real-world assets (RWAs) to its liquidity pools in 2023. Centrifuge is another notable tokenization project. With a market cap of more than $150 million, the platform lets users tokenize royalties, invoices, and even real estate.
One thing certain about the future is that the landscape will continue to evolve. Tokenization promises to unlock new opportunities while token standards on Bitcoin paint an entirely new picture for the blockchain.
At the same time, the creation of new primitives and derivatives in DeFi opens up unexplored possibilities for investors and users. Such constant developments and innovations keep professionals on their toes, making every day a new and exciting challenge.
If you're passionate about the crypto world, it’s still a good time to get in. This is a growing ecosystem with no shortage of brilliant minds, ideas, and solutions, and gives you room to make an impact in your own unique way.
So, embrace the challenges, stay curious, diligently handle information, and remember to keep an eye on what shapes the market from both within and without.
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