Tree Chief Economist Claims Bitcoin Is A Pyramid Scheme

In spite of the vastly positive past decade, Bitcoin was also the recipient of massive criticism and ill spiritedness. An example is a case with certain economists from Lending Tree that categorized Bitcoin as a pyramid scheme without any real use in the world. In the meantime, the Tree Chief Economist of Burderman said that he has five crypto coins but people must learn about the probable risks as we are reading further in the latest bitcoin news.

In a new interview with Yahoo Finance, Tendayi Kapfidze the Leading Tree Chief Economist talked on the subject on investment options, including Bitcoin. He was overtly skeptical about Bitcoin and he mentioned, according to him the lack of usage in everyday life:

 “It’s a pyramid scheme. You only make money based on people who enter after you. It has no real utility in the world. They’ve been trying to create a utility for it for ten years now. It’s a solution in search of a problem, and it still hasn’t found a problem to solve.’’– He said.

On the other side, Oliver Pursche, the Asset Management Chief Market Strategist of Bruderman, stated that he is the owner ow five crypto coins, without clarifying which ones. His thoughts are that purchasing cryptocurrencies would provide the opportunity for educating experience on the subject. He also stated that he both them without any concrete reason– “there’s something here. I just don’t know what it is.” But Oliver Pursche also alerts of the risks that are probable, stating that people should forget of becoming overnight millionaires and that they should learn about this kind of investment and the probability of loss tied to them.

Bitcoin succeeded to prove that people are wrong in the course of the past decade. A new report showed Bitcoin to be the best performing asset in the past decade, as it achieved an 8,900,000% return on investment. For example, in the past decade, Netflix is the largest stock gainer from the S&P 500 with a 4,181% ROI. Also, Bitcoin became much safer with the hash rate lately recording a new heights record. As DC Forecast in recent times reported, numerous big industries are admitting Bitcoin payments now. Bitcoin can be used to book flights and hotels, to buy food, technology, and cars.