Peter Zeihan: Bitcoin is a Pyramid Scheme
The debate about whether Bitcoin is a legitimate investment or a dangerous pyramid scheme has been raging for years. The latest person to take a stand on the issue is geopolitical strategist Peter Zeihan, who recently declared that Bitcoin is a pyramid scheme.
What is a Pyramid Scheme?
Before diving into Zeihan’s opinion, it’s important to understand what a pyramid scheme is. In a nutshell, a pyramid scheme is an illegal financial scheme in which participants make money by recruiting additional members into the scheme. They do not generate any real value or profits, but instead rely on the money from new recruits to pay existing members.
What Did Peter Zeihan Say?
Peter Zeihan, a renowned geopolitical strategist and author, recently declared that Bitcoin is a pyramid scheme. Zeihan believes that Bitcoin is a zero-sum game in which early adopters are rewarded at the expense of late adopters. He argues that the only people making money from Bitcoin are those who got in early and have held onto their coins, while those who got in later have been left with losses.
Zeihan believes that the increasing volatility in the Bitcoin price is evidence that it is a pyramid scheme. He believes that the only reason why the price of Bitcoin continues to…
