Is Bitcoin a Ponzi Scheme? | WARTIME Issue No. 4

“A recent article, by Sohale Andrus Mortazavi, appeared on Portside, reprinted from JACOBIN entitled, “Cryptocurrency Is a Giant Ponzi Scheme.”

It asserted, “Cryptocurrency is not merely a bad investment or speculative bubble. It’s worse than that: it’s a full-on fraud.” The article denounced Bitcoin and other digital currency as Ponzi schemes and not at all revolutionary. I agree that will not transform social, political and economic power relationships leading us to utopia. On the other hand, claims that it is merely a Ponzi scheme seem to be exaggerated, as is some of the information on Bitcoin’s volatility.

The U.S. government has a keen eye for Ponzi schemes and has been paying attention to the development of digital currency. While some people are clearly interested in the speculative possibility of riches, whether digital currencies are a good idea or not, they have potential and current sue that go beyond speculation.” – Ed Whitefield, “Is Bitcoin a Ponzi Scheme?” (WARTIME 2022)

Read WARTIME 4: https://tr.ee/frAoFqjIGb