At the “Beyond Resistance Money” panel held on the second day of the conference, speakers claimed that academic inaccuracies mislead the media and undermine government policies and regulations.

Bitcoin advocates have detailed how inaccurate studies on BTC emissions and mining practices have led to false narratives in journalism and policymaking.

One of the main topics discussed was the role of flawed academic research in spreading misinformation about Bitcoin. In this context, it was stated that errors in academic research have a significant impact on shaping the public’s perception of Bitcoin.

Andrew Bailey, a professor at Yale-NUS College, is a senior fellow at the Bitcoin Policy Institute. Bailey pointed out incorrectly reported BTC emissions data in an influential academic paper.

He said: “I think the problem, I’m afraid, lies in the academic community. And the things they say about Bitcoin are wrong or even harmful… Academics are wrong about Bitcoin, but no one reads these things. Isn’t it? Isn’t it?”

Bailey stated that the article he criticized contained “a unit error in the graph” and that this error was not corrected. Stating that it is still being quoted as fact, Bailey emphasized that such mistakes could have a lasting impact on the public’s perception of Bitcoin.

Bradley Rettler, associate professor of philosophy at the University of Wyoming, added that journalists struggle to find time to verify or deeply understand academic sources, which contributes to the spread of misinformation.

Rettler stated that journalists rely on academic studies because they do not have enough time to specialize in their sources. “Journalists read these academic articles and translate them into everyday language. “The problem is, if you start with the wrong thing, you end up with the wrong thing again,” he said.

Craig Warmke, a member of the Bitcoin Policy Institute, emphasized the effects of misinformation on the real world and stated that this could lead to negative consequences in the field of policy making.

“Politicians and regulators don’t have time to read these academic papers, so they read journalism, and this has led to some attacks against BTC mining, own asset management, and financial privacy,” Warmke said, adding that this has led to restrictive laws being proposed.

According to Warmke, the proposal of taxes aimed at eliminating the BTC mining industry, especially in Sweden, was considered a result of academic mistakes.

“These are serious issues,” Warmke said. The problem has percolated from journalism to policymaking, legal practices and regulators. “Poor research and academic deficiencies on BTC are largely to blame,” he said.

Warmke concluded his speech by stating that the academy has historically had an attitude against Bitcoin, but now it should start supporting cryptocurrency. This situation is of great importance for the future of Bitcoin and the cryptocurrency ecosystem in general.