The head of the World Bank compared cryptocurrencies to “Ponzi schemes,” the latest financial voice to raise questions about the legitimacy of digital currencies such as Bitcoin.
“In terms of using Bitcoin or some of the cryptocurrencies, we are also looking at it, but I’m told the vast majority of cryptocurrencies are basically Ponzi schemes,” World Bank Group President Jim Yong Kim said Wednesday at an event in Washington. “It’s still not really clear how it’s going to work.”
https://www.msn.com/en-in/moneyWell, the World Bank Chief didn't technically say that they are for sure. He said that was the evidence provided to him by maybe someone else.
I don't blame him or whoever told him that cryptocurrencies are like ponzi scams. If you're looking at it from the outside, all you know is that there are these projects that create tokens that don't really have any true backing and people still put their money into it. Then when people pull out, there's drops. To me, that sounds like a ponzi scheme too.
However, what they're missing is that there's a full technology behind it that has unlimited applications in the future and that's a major part of the entire crypto scene too. It's clear that the guy didn't do much looking into bitcoin and crypto in general.
