RATE Group | Chief economist calls Bitcoin a pyramid scheme
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Chief economist calls Bitcoin a pyramid scheme

04 Jan Chief economist calls Bitcoin a pyramid scheme

Posted at 04:55h in Bitcoin News by

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  • Euro Pacific Capital CEO Peter Schiff described Bitcoin as “a Ponzi” that was running out of buyers.
  • Some crypto experts believe that only early adopters and exchanges manage to make huge profits.

The chief economist at LendingTree, Tendayi Kapfidze, believes Bitcoin is a pyramid scheme. He recently told Yahoo! Finance that one can only become rich based on the number of people that join the market after you. Kapfidze also talked about Bitcoin’s lack of utility. He tweeted:

It has no real utility in the world. They’ve been trying to create a utility for it for ten years now. It’s a solution in search of a problem and it still hasn’t found a problem to solve.

According to a U.Today report, Euro Pacific Capital CEO Peter Schiff also described Bitcoin as “a Ponzi” that was running out of buyers. He said that Bitcoin’s price growth was due to whales manipulating the market. Fundstrat’s Tom Lee, who tends to be super-bullish on Bitcoin, agrees that…

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