BitRss.com latest World Crypto News

Search and discover the latest Cryptocurrency updated Stories in Categories

24-7 World Cryptocurrency News about Blockchain, Technology and much more, only from Top Leading Sources

China’s BSN Founder Not Fan of Bitcoin, Calls Crypto a Ponzi Scheme

China’s BSN Founder Not Fan of Bitcoin, Calls Crypto a Ponzi Scheme
Yifan He, the CEO of Blockchain-based Service Network (BSN), published an article on June 26 referring to cryptocurrencies as the “biggest Ponzi scheme in human history.” He is also the CEO of Red Date Technology, which happens to be one of the founding members of China’s blockchain infrastructure.

The article was published in the state media wherein the founder mentioned Tesla chief Elon Musk’s tweets influencing Dogecoin’s price in 2021 while describing the market as an “old scam, new form.”
The author also discussed the more recent TerraUSD (UST) epic fall from grace, as well as LUNA’s spiral down to a few cents, while trying to elucidate that the latter two were the combination of two types of Ponzi schemes – cash-based and equity-based.
He also cited the examples of Microsoft founder Bill Gates and Berkshire Hathaway CEO Warren Buffett, both vastly successful and influential figures but have long believed the crypto story will not end well.
It’s worth noting that this isn’t the first time a prominent figure has called Bitcoin and crypto to be a huge, long-running Ponzi scheme.
The latest comments come amidst a market meltdown that prompted a fresh warning in China in an article published by the Economic Daily, which stated that Bitcoin’s value could be “heading to zero.”
Following the rapid declines, Beijing has renewed efforts to discourage Chinese investors from all crypto-related activities.
Despite continuing to maintain an anti-Bitcoin stance, China has been quite encouraging of blockchain technology.
As a matter of fact, blockchain was first elevated to a national priority for China after President Xi Jinping’s 2019 speech, where he heralded that it was a crucial breakthrough in independent innovation of core technologies.
Shortly after, China started developing a Blockchain-based Service Network (BSN), which is essentially a platform that aims to facilitate the deployment of blockchain technology for enterprises.
As reported earlier, BSN was gearing up to launch its first major international service, the Spartan Network, in August this year.

Featured Image Courtesy of Medium

BitRss.com shares this Contents always with License.

Thank you for Share!

   
Tumblr
LinkedIn
Reddit
VK

WhatsApp
Telegram

Cool to know huh? Read the full Article

Read the full Article:  ⭲ China’s BSN Founder Not Fan of Bitcoin, Calls Crypto a Ponzi Scheme


Search about Crypto News


BITRSS | CRYPTOCURRENCY WORLD NEWS

The latest Top News, only from Leading exponents of BlockChain, Bitcoin and different Accredited Crypto Currency Sources.

Since 2015, our Mission was to Share, up-to-date, those News and Information we believe to represent in an Ethical and sincere manner the current Crypto Currencies World: everything you are looking for, in one place!

We have always tried to give priority to the News; for this reason we have designed BitRss.com simple and intuitive, usable by all Devices, fast and effective.


| LEARN MORE ABOUT |

Today Most Popular News



SneakPeek Script
Setup, Upload and Go!