ICSM Business News: cryptocurrency is a ‘Ponzi scheme’ argument strengthens as FTX value almost collapses

ICSM Business News: cryptocurrency is a ‘Ponzi scheme’ argument strengthens as FTX value almost collapses

By Harry Mottram: Ian Carrotte of ICSM has reacted to the near collapse of the cryptocurrency giant FTX pouring scorn on the notion that it is the future of money.

He said the digital assets market had been stunned by the demise of FTX when a bail out with Binance saw a draining of support. Around £5.2 billion pounds of withdrawals were made after FTX announced the deal with Binance.

The BBC reported that: “Binance says it agreed to buy FTX's non-US unit, pending due diligence. FTX's founder Sam Bankman-Fried and Binance's chief executive Changpeng ‘CZ’ Zhao are two of the most powerful people in the cryptocurrency market and high-profile rivals.”

Ian Carrotte said there were many people who saw the unregulated world of cryptocurrency as being little more than a Ponzi scheme – a view he could understand. He said: “Whatever you think about sterling, the US dollar and the Euro, those currencies are regulated and are real hard cash or paper money if you want to withdraw your funds – all backed by Governments making them sound.”

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For details for the work of the journalist Harry Mottram visit www.harrymottram.co.uk


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