The CEO of Blockchain-based Service Network (BSN), Yifan He in a published article noted cryptocurrencies as one of the biggest “Ponzi schemes in human history.” Yifan also acts as the CEO of Red Date Technology, a founding member of blockchain infrastructure in China.
Published in the state media, the article also mentioned Tesla Chief Elon Musk and his tweets that highly influenced the Dogecoins price in 2021. He described the crypto market as an “old scam, new form.”
The article also highlighted the recent Terra collapse, UST and LUNA falling to mere cents. The CEO says that these tokens were the combination of two Ponzi Schemes, cash-based and equity-based.
He gave the examples of Warren Buffett, the CEO of Berkshire Hathaway, and Microsoft founder Bill Gates, saying that these highly influential figures are strong believers that crypto is not a long-player and will end soon. Moreover, it’s not the first time a well-known figure has called Bitcoin a long-running Ponzi Scheme.
These comments by BSN CEO came at a time when the market crashed which pushed for a warning against the world’s leading cryptocurrency in China that said the Bitcoin’s value could soon reach zero.
Beijing proactively is making efforts to discourage Chinese investors from performing any kind of crypto-related activities, after witnessing a huge decline in crypto prices.
China has always been encouraging when it comes to blockchain technology ever after having an Anti-Bitcoin stance.
Following President Xi Jinping’s 2019 speech, the blockchain was first elevated to a national priority for China, where it was hailed a significant breakthrough in independent innovation of core technologies.
China began developing a Blockchain-based Service Network (BSN) soon after this. For the uninitiated, BSN is a platform that helps in easing the deployment of blockchain technology for businesses.
According to the reports earlier published, BSN was preparing to release the Spartan network, its first major international service in August this year.
Meanwhile, Bitcoin has returned below the mark of $20,000 and was trading at $20,070.31, down 4.39% in the past 24 hours.
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Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2022/06/29/chinas-bsn-founder-not-fan-of-bitcoin-calls-crypto-a-ponzi-scheme/