Cryptocurrency asset management firm Grayscale Investments has received a ticking off after it published false information about the lifespan of fiat currencies.
The firm wrote on its website that the average lifespan of fiat currencies is just 27 years. This prompted financial researcher John Paul Koning to call the company out, claiming Grayscale has misrepresented an internet meme as fact.
He wrote on Twitter: “Hey GrayscaleInvest. You say on your website that fiat currencies have ‘an average life expectancy of just 27 years’. Do you have the data to back up your claim?”
Getting some traction here.
Yesterday I launched my campaign to end the silly "27-year life" meme about fiat money (see https://t.co/jXxJGRr8Az). And now Grayscale has removed their link. Kudos to them for helping make the internet a more accurate place. https://t.co/UDobr3zoxB
— John Paul Koning (@jp_koning) September 19, 2019
While Grayscale didn’t reply directly to the tweet, the firm did remove the false information from its website, prompting a show of gratitude from Koning.
He added: “Yesterday I launched my campaign to end the silly ’27-year life’ meme about fiat money. And now Grayscale has removed their link. Kudos to them for helping make the internet a more accurate place.”
Grayscale currently has $2.5 billion in cryptocurrency assets under management, with the majority of that being held in the firm’s Bitcoin Trust.
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