Kovacevich: Bitcoin is a Ponzi Scheme

Inforexnews

Currently, many experts are worried about bitcoin. Many of them call that bitcoin is a bubble or an economic bubble. Well, this time there is an expert who mentions that bitcoin is a ponzi scheme or pyramid scheme.

Former US bank chief Wells Fargo Dick Kovacevich believes that bitcoin is a pyramid scheme like a ponzi scheme. Based on information from CNBC, Kovacevich said that this pyramid scheme because bitcoin prices do not fall lower and it does not make sense.

Kovacevich is one of many bankers who choose not to participate in the virtual currency phenomenon.

Earlier, JP Morgan Chase CEO Jamie Dimon had stated that bitcoin was a financial crime, and he would also fire staff who had engagement with cryptocurrency.

In trading on Tuesday 16/1/2018 yesterday, bitcoin prices plunged to the lowest level in six weeks. In addition, the price of a number of other cryptocurrencies such as ripple and ethereum also dropped.

Based on data from CoinDesk, for the first time since December 5, 2017, bitcoin prices fell below US $ 12,000. The decline in bitcoin prices was due to South Korea's finance minister's comments on a crackdown on the virtual currency.

Despite some harsh criticism from some experts, there are also experts who believe that bitcoin prices will continue to skyrocket. An example is crypto analyst at Saxo Bank Kay Van-Petersen, who predicts bitcoin prices will reach US $ 100,000 this year.