Rickards: ‘Bitcoin is a Ponzi Scheme’



Bitcoin has been in existence for all of eight years however a debate is raging within the investing group: Is the cryptocurrency really helpful past simply being a automobile for hypothesis? At its worst, does it assist facilitate extremely questionable and unlawful transactions and exercise?

JPMorgan CEO Jamie Dimon not too long ago known as bitcoin a “fraud” that “received’t finish properly.” The cryptocurrency is up 800% prior to now 12 months. So bitcoin traders can have a good chuckle at Mr. Dimon’s expense, for now.

Vital questions and skepticism stay. Among the many cryptocurrency’s massive skeptics is forex guru and bestselling creator Jim Rickards. He sat down to debate this (and rather more) throughout a new “Actual Dialog” with Hedgeye CEO Keith McCullough.

Rickards begins:

“This is the one matter the place I agree with Jamie Dimon. I have been a fairly harsh critic of Jamie Dimon. However when he says ‘it’s a fraud, it is a Ponzi'[ scheme]’– I agree utterly. I name it a Ponzi with nobody in cost. There isn’t any Madoff, but it surely’s working that manner.”

Whereas bitcoin has its fervent supporters, Rickards says the cryptocurrency invented in 2009 nonetheless has an excessive amount of to show, and is concerned in too many shady transactions to be taken severely. He cites issues like drug dealing, arms dealing, cash laundering and tax evasion, in addition to “worse issues that I do not wish to even point out, extra reprehensible than that.”

He goes on additional:

“Bitcoin has not been fight examined in a enterprise cycle. Now we have not had a recession or a monetary disaster since 2009. I’ve seen all these different asset lessons undergo many enterprise cycles. I understand how they’ll behave. Bitcoin has not been examined in that enviornment.”

Rickards and McCullough each say they’ve each been accused of being “technophobic” due to their distaste for bitcoin. Rickards says that couldn’t be farther from the reality.

“Quite a lot of my personal fairness investments are very forward-leaning in expertise. I embrace expertise. However I do know a lot about markets. Quite a lot of the tech groupies who love bitcoin know a lot about tech, however not a lot in regards to the markets.”

Till confirmed in any other case, Rickards says traders ought to keep away.

“For the market as a entire, for wealth managers, for folks making an attempt to protect wealth, for traders, this is no place to be,” Rickards says.

Watch the total clip above for extra.

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29 comments

  1. Rickards you boosted monkey

  2. Diversify everyone ,dont listen to these so called experts

  3. 690 braindead millennials hated this video

  4. This old man who does not understand anything about bitcoin technology is so funny saying so many stupid things !! I love that ! Thanks ! I can’t stop laughing

  5. To claim bitcoin is unethical because assholes use it is moronic. The same thing happens with dollars, are they unethical? Hell the bleach you used on your white shirts could be used to buy guns or drugs in the streets of LA in the 90's, does that make bleach unethical? No! It makes the guy who used that item like that an asshole.

  6. Bitcoin will be 1000 000 And more one day its trading at 6150 now

  7. EXCHANGES WILL BE RAIDED AND SHUTDOWN,,,

  8. this was a waste of time

  9. The welfare state is an actual intergenerational Ponzi scheme

    Sad when old dudes not only miss a paradigm shift, but mock it

  10. people who invest and mine bitcoin have no ideea how the market works…it's pure gambling.

  11. I would rather just buy and sell land.

  12. I lost big time tragic on the Fonzie Scheme

  13. Hello Everyone! I'm from the future! Bitcoin crashed miserably, and reading this comment section was F**king hilarious XD

  14. Ponzi is a man without money. He started ponzi. How can a man like Bill Gates, Sir Richard Branson & other billionaires endorses Bitcoin who you claim to be a ponzi???

  15. Fuck off I'll stick to Bitcoin all the way lol

  16. this guy has valid points but we recently did have a market correction and Bitcoin remained stable

  17. ‘USD is a Ponzi Scheme’…..keep printing USD till it becomes 'toilet paper' !

  18. 2:10 he admits he doesn’t know what the fuck he is taking about js

  19. He just said that between 2 miners they could sell $4000.00 to one, then sell it back for $4100.00, then sell it to the second guy again for $4300.00! That's Laughable! You don't sell high and buy higher! If you did, it's value would never reach a maximum limit. do you see people on wallstreet looking for the more expensive, less profitable purchase than the one they just had? NO! and people on wall street don't have the exhorbatant expense of mining. That's a horrible example Richards put forth and is not reflective of how ANY market works, especially not the blockchain which when you talk about ETHER, goes beyond just a financial store of wealth and ties it to functional contracts that are completely visible and reviewable by anyone on the blockchain. Transactions too! That's 1 million times more transparent than wall street. Give me a break!

  20. And the Ponzi scheme is now imploding as soon as regulation begins and the scammers realize they're going to be found out.

  21. The guy on the left is literally a Psycho Path..lol.. hopefully he was acting like that because of the camera..lol

  22. Regular people can't afford a single bitcoin. Now its over $3500 for 1 bitcoin.

  23. A ponzi with no one in charge? Who's going run away with your Bitcoin (besides those people with their keys stolen). Someone don't understand the definition of a ponzi scheme….

  24. Best conversation on Bitcoin I have seen. Tx for the reality check!

  25. this dude is reading of the script. And in another video almost 70 percent is exactly what he saying word by word,

  26. If it's smells like a Ponzi scheme and looks like it and taste like it then it's a damn Ponzi scheme.

  27. A ponzi with no one in charge….so not a ponzi