The Bitcoin ‘pyramid scheme’ continues to collapse

The ancient Egyptians made pyramids to last forever. Wall Street’s pyramid schemes aren’t nearly as durable.

Bitcoin, while not officially a product of traditional Wall Street, is a pyramid scheme. A fraud. But it is best described as a “confidence game.”

I’ve been calling it a “bitcon” for a long time. And now the pyramid seems to be collapsing because fewer and fewer people have confidence that the price of this inherently worthless “cryptocurrency” is going to continue to rise.

I’ve just repeated some of the comments I made about bitcoin (and you could include other cryptocurrencies here) for years. But I’ve been especially vocal since early this year when bitcoin was reaching nearly $20,000 in price and even staid Wall Street firms were being lured to this “investment.”

Here’s what I said about the crypto in a column on Jan. 4 that made predictions for the new year.

“The fact that anyone even has to discuss the fate of this and other…