The New York Times (NYT) has been chastised for sharing blatantly false claims about Bitcoin recently. Bitcoin is the world’s leading cryptocurrency, with a market capitalization of $1,170,690,817,583 at the time of this article. Its price is also about $62,660, which is a 2.2% drop from its previous price over the last 24 hours.
Bitcoin to move to proof of stake
According to the New York Times, Ethereum, the world’s second-biggest cryptocurrency in terms of market capitalization, has stated that it is transitioning to proof of stake (this transition, however, could take up to a year) and that the current leader, Bitcoin is anticipated to follow suit.
This, of course, could not be farther from the facts since Bitcoin cannot technically step away from PoW mining. Furthermore, after all coins have been mined in approximately 120 years, miners will continue to participate in the block discovery process, collecting incentives for verifying transactions. Still, it is very unlikely that Bitcoin will go anywhere for the time being, and many experts and analysts alike predict that the value of the digital asset will only increase as time goes on, with some even expecting the price to reach as high as $100K by the end of the year, despite some possible fluctuations here and there.
NYT loses some credibility
The article was expectedly heavily criticized throughout the cryptocurrency world, with Alex Gladstein, an executive representing the Human Rights Foundation, even going as far as calling it ‘absolute nonsense’ in a series of tweets.
“It’s honestly ludicrous that even the New York Times will write this nonsense, which says a lot about the sorry state of mainstream media Bitcoin coverage today,” Gladstein had stated. He then further added, “I say, many would normally consider this to be not only the finest newspaper in the country but in the entire world. It is ridiculous that it would only take a few minutes of internet searching for even an intern to learn that no one actually expects Bitcoin to switch to PoS, and yet here we are with this article spreading fake news.
The New York Times article also recently criticized Coinbase for promoting the technology with an “astonishing” CO2 footprint after its colossal public debut upon the Nasdaq exchange on the 1st of April 2021. Elsewhere, others such as The Economist have also recently accused Bitcoin and its miners of consuming monumental amounts of energy, but the crypto community has since fired back in various videos and comment sections by claiming that this is mainly a diversion tactic since the cryptocurrency industry has become so popular that it threatens those exhibiting economic control.
Moreover, articles such as the one by NYT and The Economist normally fail to mention the existence of more environmentally friendly altcoins as well.