Former Wells Fargo Chairman and CEO Dick Kovacevich told CNBC that he believes bitcoin is a scam.
“I think it’s a pyramid scheme. It makes no sense. I’m just surprised it isn’t even lower,” he said on “Squawk on the Street.”
“There’s no fraudulent thing going on. It’s just a pyramid scheme,” he said. “You’re betting that somebody is going to buy it. And some people have been right.”
“The fundamentals make no sense,” he contended.
Eulogy made by Dick Kovacevich