Traditional British magazine “The Spectator” calls Bitcoin a Ponzi scheme 

British journalist and author Ross Clark slammed Bitcoin badly and raised questions about its intrinsic value. 

The Spectator is a popular weekly British news magazine focusing on politics, culture, and current affairs. The first time this magazine was published was in July 1828, which makes it the oldest surviving weekly magazine in the world. 

On 24 May 2024, Ross Clark, the British journalist and author of The Spectator Magazine, passed several negative comments against Bitcoin. 

Clark criticizes the renewed interest in Bitcoin (BTC) among retail investors. He raised concerns over Bitcoin’s high volatility and its potential to quickly create or destroy wealth, raising concerns about its intrinsic value and overall stability. 

Moreover, Clark is skeptical about Bitcoin’s reliability as an investment and questioned whether it has a solid foundation to justify its fluctuating worth.

Behind the rally in the trade price of Bitcoin, Clark appreciated the role of Grayscale’s Bitcoin spot ETF fund. According to him, Bitcoin’s downfall was possible enough following the bankruptcy of the second ranked crypto exchange FTX but it was BTC spot ETF products which helped money inflow in the Bitcoin market. 

Clark criticized Bitcoin’s resurgence among retail investors. He also described Bitcoin as a zero-sum game where apparent profits can’t be realized by everyone at once. 

The British journalist also questioned Bitcoin’s intrinsic value and likened it to a tech-reinvented Ponzi scheme, suggesting its worth depends on attracting new investors rather than generating real value via practical use cases in the practical world.

Furthermore, Clark claimed that easy investment options in Bitcoin via Bitcoin spot ETF products are a very bad thing because they may lead to big financial instability. 

Bitcoin price action

The current trade price of Bitcoin is $68,246 & this trade price is only 0.01% higher over the last 24 hours. Notably the trade price of Bitcoin saw a significant downfall in the last couple of days, following the hype around Ethereum spot ETF applications.

Read also: OKX exchange decides to shut down services from the Hong Kong market