Former Komoro strategist bombards cryptocurrency: “rat poison”! It's like a pyramid scam

The Zhitong Finance App learned that former J.P. Morgan strategist Marko Kolanovic once again lashed out at cryptocurrencies as “rat poison” on Wednesday and made tough remarks against those advocating the global battle for cryptocurrency supremacy. Regarding US President Trump's statement that the US is in a leading position in the cryptocurrency field, Marko Kolanovic bluntly stated that the US is “throwing rat poison” on its own people.

Marko Kolanovic wrote, “This old definition now describes many crypto products: 'Pyramid scams are a fraudulent business model where participants get paid mainly by recruiting new members rather than selling products or services, and most participants may eventually suffer a crash and financial loss. '”

In fact, as early as 2017, Marko Kolanovic stated in a report: “The entire crypto market has some similarities to fraudulent pyramid schemes.” In March of this year, he also wrote: “If the US wants to become a global crypto center, then it needs to establish a 'Shitcoin Circular Arbitrage Administration'.”

“Stock god” Buffett once joked in 2018 that Bitcoin is “the square of rat poison,” and said it won't have any effect. Nobel laureate economist Paul Krugman also believes Bitcoin is useless, inefficient, and largely a Ponzi scheme. Paul Krugman said, “The Bitcoin community attracts investors by combining technology with liberalism, and uses part of the cash flow to make prices rise sharply, which brings in more investors.”

According to the data, Bitcoin, the largest cryptocurrency, has recovered from its low on the so-called “Liberation Day” to a 52-week high. It has risen 10% since this year, and is currently at around $104,000 per coin.