RATE Group | Financial heavyweights pour scorn on bitcoin
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Financial heavyweights pour scorn on bitcoin

21 May Financial heavyweights pour scorn on bitcoin

Posted at 02:23h in Bitcoin News by

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Some of the biggest names in finance have lambasted the bitcoin market and poured scorn on the meteoric rise of the digital currency, calling it one of the “greatest scams” in financial history.

Renowned fund managers including investment guru Mark Mobius and Davide Serra, the founder of UK hedge fund Algebris Investments, have likened the bitcoin market to a ‘Ponzi scheme’ used to propagate criminal activity.

The comments come as a blow to proponents of the cryptocurrency who are keen to see it evolve from an instrument associated with money laundering towards greater legitimacy.

Serra told Financial News: “It’s the greatest scam on earth; the biggest Ponzi scheme. Had bitcoin been labelled an investment, which is what it is, rather than a currency, it would have been blocked in a second by regulators.

“Its only value is if someone else buys it ahead of you. And because it’s called a currency, investment solicitation rules do not apply to bitcoin in the same…

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