Diane Abbott Calls Bitcoin a Ponzi Scheme
Diane Abbott, the United Kingdom’s Shadow Home Secretary, has called Bitcoin a gigantic Ponzi scheme and further states that the British Labour Party would regulate it if they get elected. She believes the British government should prevent the spread of cryptocurrency investment in the country according to reports from the UK’s Daily Express news publication.
Mark Carney, the governor of the Bank of England shares similar views, expressing the need to hold cryptocurrency to “the same standards” as the rest of the financial system.
Calls for cryptocurrency regulation are nothing new. However, Abbott is unique in her scathing critique of these popular digital assets. She makes several controversial claims: “One of the problems with Bitcoin is the extent to which it is just a gigantic Ponzi scheme, and if everyone took their bitcoin money and tried to buy a new car all at once the whole thing would collapse.” She has not explained how this theory is any different from other financial assets such as stocks.
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