The Co-founder of Chinese Blockchain BSN Says Bitcoin is a Ponzi Scheme

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He Yifan, CEO of Red Date Technology and co-founder of BSN, has said that unregulated cryptocurrencies, including Bitcoin, are “the biggest Ponzi scheme in human history.”

He has drawn a parallel to the scam, pointing out the lack of liquidity and value, the presence of insider trading and security gaps, and the constant influx of new investors.

He has noted:

“The work of all cryptocurrency projects is completely based on marketing, and technical investments are insignificant.”

In support of his position, the head of Red Date Technology has cited the collapse of the Terra ecosystem:

“There are many opinions about why LUNA and UST collapsed in an instant, but one point that few people mentioned is that they combine two types of cash and stock based Ponzi schemes intertwined with each other”.

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