Banks spread fake news stories about Bitcoin and other cryptocurrencies to 'restore the status quo'

Website claims that fake news stories are being circulated by the banks to stop the rise of digital currencies

The future of Bitcoin could be under threat because of fake news stories being peddled by the banking sector, a leading website has claimed.

News site Coingeek.com, which has recently been acquired by billionaire Calvin Ayre, claims the banks are trying to sully the industry in order to restore the “normal status quo of economics”.

Ethereum - a cryptocurrency and payment system like Bitcoin – was toppled at the hands of a fake news story earlier this year after it jumped from around $10 per ETH token to around $380.

In a ‘flash crash’, its value dropped from to $0.10 following a series of stories surfacing and causing confusion and a lack of confidence in its future.

However, with the established financial system putting its might behind derailing the varying types of cryptocurrencies on the market at present, alarmist and inaccurate media in the space is rife, with damaging effects, the website claims.

Pownall comments: “As Bitcoin has grown in popularity, many publisher sites have found this to be a convenient trending topic.

“There will always be white noise and “fake news”.

“Here at Coingeek, we’re committed to providing users with an unbiased and factual platform for all Bitcoin news.”

“We believe that cryptocurrency payments will significantly rival cash payments in major countries.

The Bitcoin economy is currently valued at $70 billion, and many Governments are already keen to explore the world of Bitcoin in more depth.

Heavyweight Japan has already taken the first step in recognising the cryptocurrency