Cryptocurrencies
Cryptocurrencies Are Like Ponzi Schemes, World Bank Chief Says
- Jim Yong Kim expresses doubt about legitimacy of digital coins
- Questions come amid slump in market for cryptocurrencies
Bitcoin: What’s Coming in the Year Ahead
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The head of the World Bank compared cryptocurrencies to “Ponzi schemes,” the latest financial voice to raise questions about the legitimacy of digital currencies such as Bitcoin.
“In terms of using Bitcoin or some of the cryptocurrencies, we are also looking at it, but I’m told the vast majority of cryptocurrencies are basically Ponzi schemes,” World Bank Group President Jim Yong Kim said Wednesday at an event in Washington. “It’s still not really clear how it’s going to work.”