Former JPMorgan strategist Marko Kolanovic fiercely attacked Cryptos again on Wednesday, calling them "rat poison."
The Zhitong Finance APP reported that former JPMorgan strategist Marko Kolanovic again vehemently criticized Cryptos as "rat poison" on Wednesday, making strong comments against those who advocate for the Global Cryptocurrency supremacy struggle. In response to US President Trump's statement that the USA is in a leading position in the Cryptocurrency field, Marko Kolanovic bluntly said that the USA is "administering rat poison" to its own people.
Marko Kolanovic stated: "This ancient definition precisely describes many Crypto products today: 'A pyramid scheme is a fraudulent business model where participants are primarily rewarded for recruiting new members rather than for selling products or services, and most participants are likely to suffer losses and financial ruin.'"
In fact, as early as 2017, Marko Kolanovic pointed out in a report: "The entire Crypto market has some similarities to fraudulent pyramid schemes." In March of this year, he also stated: "If the USA wants to become the Global Crypto center, it needs to establish a 'Junk Coin Circular Arbitrage Management Agency.'"
"Oracle of Omaha" Buffett once humorously referred to Bitcoin in 2018 as "rat poison squared" and stated that it would have no effect. Nobel Prize-winning economist Paul Krugman also believes that Bitcoin is useless, inefficient, and largely a Ponzi scheme. Paul Krugman stated: "The Bitcoin Community attracts investors by combining technology with libertarianism, leveraging some cash flow to drive prices up, which brings in more investors."
Data shows that the largest cryptocurrency, Bitcoin, has rebounded from its low during the so-called "liberation day" to near a 52-week high, rising 10% this year, and is currently reported at about 0.104 million USD per coin.
