LendingTree chief economist, Tendayi Kapfidze, thinks Bitcoin (BTC) is a pyramid scheme. He said that one can only become rich based on the number of individuals that join the market after you, according to Yahoo! Finance. Kapfidze also talked about the lack of utility in Bitcoin. According to his tweet:
“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.”
Even the CEO of Euro Pacific Capital, Peter Schiff, according to a report by U. Today, described Bitcoin as Ponzi that was running out of buyers. He added that the price growth of Bitcoin was because of whales manipulating the market.