Bitcoin Giant Grayscale Caught Spreading Rumors about Fiat
Cryptocurrency asset manager removed a piece of false information from its official website after the intervention of an economist.
The New York firm had wrongfully maligned fiat currencies, writing that their average lifespan is 27 years. The statement attracted criticism from John Paul Koning, a Canada-based financial researcher, who claimed Grayscale merely misrepresented a long-running internet meme as fact.
Koning stated that he was long investigating the origin of the average-life-of-fiat claim, which led him to on Washington’s Blog, a platform for a group of anonymous financial writers. There he found more backlinks, which sourced the said claim to another financial writer named Chris Mack. Nevertheless, both the articles could not justify why a fiat currency’s average life is 27 years.
“In a disclaimer, the author noted that “I don’t know Chris Mack,” and thus couldn’t vouch for the figures,” wrote Koning. “However, he/she went on to say [that] the general concept is correct.”
The revelations came as cryptocurrency enthusiasts have used fiat money as a prop to boost bitcoin adoption.