Tendayi Kapfidze, chief economist at Nasdaq's lending online lending tree market, says bitcoin is a "pyramid scheme".
"You only make money based on people who enter after you," Kapfidze told Yahoo Finance. He added that bitcoin has no "real utility".
"They have been trying to create utility for ten years. It's a solution that is still looking for a problem and can't find a solution for now," he said.
Bitcoin has earned many nicknames over its 11-year history of "fraud" (by Bill Harris, CEO of PayPal); "rat poison" (by Berkshire Hathaway Vice President Charlie Munger) and "rat poison" (by Warren Buffett), among many, many others.
Yet a recent report by Bank of America has called bitcoin the best investment of the last decade. The report said that if you invested $ 1 in bitcoin in early 2010, you would now have over $ 90,000. In the past year alone, the value of cryptocurrency has jumped by more than 85%, making it the best performing financial asset in the world.
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