Recently a scholar at Oxford University shared his views on Bitcoin while describing Bitcoin as a “Ponzi scheme” that is worse than other available schemes until now.
Despite some larger fluctuations in crypto assets until now, global acceptance and adoption have grown exponentially. Although there are many reasons why the global population is being pushed into the crypto industry, there are also non-crypto communities around the world that have not missed a single opportunity to criticize bitcoin and the crypto industry.
Associate Member of the Faculty of History at Oxford University, Robert McCauley. Robert dismisses bitcoin performance as the best asset of 2021 and rather describes it as more than just the infamous Ponzi scheme.
The Financial Times published an article about Robert’s perspective. It is clear from the article that the Professor considered Bitcoin as a useless asset.
The professor further commented that investors who choose Bitcoin will not have a lucrative goal and in the long run, they will not get anything out of it in the long run.
Robert also said that Bitcoin has no value until one Bitcoin owner sells it to another. So in his opinion Bitcoin has no fundamentals.
He further predicted that Bitcoin would crash even worse than Ponzi schemes, as many factors could cause Bitcoin to depreciate.
In addition, Robert commented that Stablecoins would be a big factor in the Bitcoin crash, as the total value of Bitcoin would follow if the Stablecoin market crashed.
To this context he added:
“These” unregulated money market funds “sell like dollar stand-ins with secured assets that fulfill their best obligations, considering the lack of regulation and disclosure, it is not hard to imagine a big Stablecoin breaking the buck,”
The professor even compared Bitcoin to penny stock shares based on it’s pump dump schemes.