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News Link • Bitcoin

Nonsensical Idea of the Day: "Bitcoin is a Ponzi Scheme"

•, Mike Mish Shedlock

In a video interview with Hedgeye CEO Keith McCullough, not only did Rickards state that he agreed with Jamie Dimon, he made this claim "I call it a Ponzi with no one in charge. There's no Madoff, but it's working that way."

Rickards points out that primary uses of Bitcoin are money laundering, capital flight, etc. But what does that have to do with being a Ponzi scheme?

"Bitcoin has not been combat tested in a business cycle. We have not had a recession or a financial crisis since 2009. I've seen all these other asset classes go through many business cycles. I know how they'll behave. Bitcoin has not been tested in that arena," says Rickards.

I agree. But what does that have to do with being a ponzi scheme?

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