Banking
Crypto investments more like a ponzi scheme, warns Gabriel Makhlouf
Certain unbacked cryptocurrencies “similar to purchasing a lottery ticket: you might win but you probably won’t,” the Central Bank Governor said
Describing cryptocurrency as an investment is “an abuse of the word”, since it is more accurate to describe them as a “Ponzi scheme,” Gabriel Makhlouf, the Irish central bank governor, has said.
Certain unbacked cryptocurrencies — those not backed by tangible assets — “should be treated with a large dose of scepticism”, Makhlouf wrote in a blog on the Central Bank of Ireland website.
Such investments were “similar to purchasing a lottery ticket: you might ...