Crypto The Biggest Ponzi Scheme In Human History—China Blockchain Execs Back Bill Gates And Warren Buffett After Huge Bitcoin Price Crash

bitcoin btc and cryptocurrency have wiped out over $2 trillion from the combined crypto market capitalization in just six months due to a devastating crypto crisis that some fear could be starting.

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bitcoin price has tumbled below the psychological level of $20,000 per bitcoin it first crossed in late 2017 before entering a three-year bear market that saw bitcoin price fall below $3,000.

Now, while some expected the cryptocurrency crash to reveal the tech giants of the future, executives at China’s blockchain-based service network (BSN), a state-backed initiative designed to boost the commercial adoption of blockchain technology, have branded bitcoin and cryptocurrency “the largest ponzi scheme in human history.”

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the price of bitcoin has plunged by more than half in recent months, plunging the crypto market… [+] into chaos and somewhat validating the predictions of crypto critics like bill gates and warren buffett.

“the author of this article believes that virtual currency is becoming the largest ponzi scheme in human history, and in order to keep this scam going, the currency circle has tried to disguise itself,” shan zhiguang, Chairman of the BSN Development Alliance, and He Yifan, CEO of Startup Red Date Technology and CEO of BSN, wrote in the state-sponsored Chinese newspaper The People’s Daily last month.

bsn is a beijing-backed network for blockchain developers in china and is intended to operate globally, with separate domestic and international versions to comply with regulations in china. In recent years, China has begun the launch of a digital yuan central bank digital currency that, while partially inspired by bitcoin and the cryptocurrency, does not use bitcoin’s underlying blockchain technology.

The pair pointed to criticism of bitcoin and cryptocurrencies from microsoft msft founder bill gates and legendary investor warren buffett, who both openly voiced their opposition to cryptocurrencies, as supporting their claim that 90 of the 100 people richest in the world have come out. against bitcoin and crypto.

“all ponzi schemes must have a constant stream of new investors to join, so that the entire scheme can be sustained,” the authors wrote.

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“once there is a malicious short sale, no successor, tight funding, or changes in regulatory policy that affect the confidence of participants or the determination of latecomers, it will cause this seemingly exquisite cycle to end. collapse instantly and the value is zero,” echoing a report last month in the china economic daily that predicted that “once investor confidence collapses or sovereign countries make bitcoin illegal, it will return to its original value, which is completely useless.”

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the price of bitcoin has traded below $20,000 per bitcoin in recent weeks, a decline of more than 70% since… [+] its all-time high of nearly $70,000 per bitcoin in November of last year.

Last year, a wide-spread crackdown on bitcoin and cryptocurrencies in China sent down the price of bitcoin and sparked panic among crypto investors after the Chinese communist party ordered all bitcoin miners, who use powerful computers to protect the bitcoin network and validate transactions in exchange for new bitcoins—to turn off.

In September, China’s central bank declared all bitcoin and cryptocurrency transactions illegal, vowing to crack down on anyone facilitating cryptocurrency transactions and warning offshore exchanges to stay away from China.

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