Oxford University scholar says Bitcoin is a Ponzi scheme

A scholar of Oxford University shared his stance on Bitcoin and described Bitcoin as a Ponzi scheme, which is worse than any other scheme.

Despite huge volatility in the crypto assets, adoption surged rapidly in the whole world. However there are many reasons, which are responsible for pushing the world population into the crypto industry but there are non-crypto communities in the world, which don’t lose any chance to criticize Bitcoin and the crypto industry. 

Robert McCauley is an associate member of the Faculty of History at the University of Oxford. Robert ignored Bitcoin’s performance as a top asset of 2021 but described it as more than an infamous Ponzi scheme. 

The article on the point of view Robert was published by the Financial Times. Through the article, it is clear that the professor sees Bitcoin as a useless asset in the long term.

Professor noted that investors, who are choosing Bitcoin, have no target to get a return, and also in the long term they will get nothing with it. 

Robert also said that Bitcoin has no value until a Bitcoin holder will sell it to another person. So according to him, Bitcoin has no fundamentals. 

He also predicted that Bitcoin will collapse more badly than Ponzi schemes because there are many factors to trigger the devaluation of Bitcoin. 

Further, Robert noted that Stablecoins may be a big fact for the collapse of Bitcoin because once the stablecoins market collapses then the whole Bitcoin value will follow the same. He added:

“These “unregulated money market funds” have been sold as dollar stand-ins with safe assets that match their outstanding liabilities. Given the lack of regulation and disclosure, it is not hard to imagine a big stablecoin breaking the buck,” 

Professor also compared Bitcoin with the penny stock shares, which are based on the pump dump schemes.

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