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.
Eulogy made by John Crudele
Disclaimer
Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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Big bankers (we know who they are) bought BTC and are now holding it for it to collapse. Scumbags calling it a “Ponzi” scheme? The traditional fiat curency with no Gold backing and credit card companies ARE the Ponzis!