china’s bsn founder now not fan of bitcoin, calls crypto a ponzi scheme

blockchain-based totally provider community (bsn) founder has a few harsh words for the cryptocurrency industry.

yifan he, the ceo of blockchain-based totally provider community (bsn), published an article on june 26 relating to cryptocurrencies as the “largest ponzi scheme in human history.” he is also the ceo of crimson date technology, which takes place to be one of the founding members of china’s blockchain infrastructure.

the item was published inside the country media in which the founder referred to tesla leader elon musk’s tweets influencing dogecoin’s rate in 2021 at the same time as describing the market as an “antique rip-off, new shape.”
the writer additionally mentioned the extra latest terrausd (ust) epic fall from grace, in addition to luna’s spiral down to a few cents, while looking to elucidate that the latter had been the combination of kinds of ponzi schemes – coins-based and equity-based.
he additionally cited the examples of microsoft founder invoice gates and berkshire hathaway ceo warren buffett, both massively a hit and influential figures however have long believed the crypto story will now not stop nicely.
it’s really worth noting that this isn’t the primary time a prominent discern has known as bitcoin and crypto to be a large, long-jogging ponzi scheme.
the present day remarks come amidst a marketplace meltdown that induced a sparkling warning in china in a piece of writing published by way of the economic daily, which stated that bitcoin’s price will be “heading to 0.”
following the rapid declines, beijing has renewed efforts to deter chinese investors from all crypto-related activities.
notwithstanding continuing to preserve an anti-bitcoin stance, china has been quite encouraging of blockchain technology.
as a matter of fact, blockchain changed into first extended to a national priority for china after president xi jinping’s 2019 speech, wherein he heralded that it became a important leap forward in independent innovation of middle technology.
quickly after, china commenced developing a blockchain-primarily based provider community (bsn), which is basically a platform that goals to facilitate the deployment of blockchain generation for organisations.
as said in advance, bsn was gearing up to release its first foremost international service, the spartan community, in august this yr.