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Lending Tree Chief Economist calls bitcoin a pyramid scheme.

The chief economist of online lending marketplace Lending Tree, Tendayi Kapfidze, called the leading cryptocurrency bitcoin a
The chief economist of online lending marketplace Lending Tree, Tendayi Kapfidze, called the leading cryptocurrency bitcoin a pyramid scheme.

Nasdaq-listed online lending marketplace Lending Tree’s chief economist Tendayi Kapfidze told Yahoo Finance that bitcoin is a “pyramid scheme.” He said that people only make money based on people who enter after them. He further criticized bitcoin, saying that it has no real use.

“Bitcoin is a solution in search of a problem.”

The chief economist said that bitcoin has no real utility in the world. He opined that bitcoin is a solution in search of a problem. They have been trying to create a utility for ten years now and have not been successful so far, he added. Tendayi is not alone in criticizing bitcoin. Several experts have said that investing in bitcoin or any other crypto as an asset class is purely speculative.

Bank of America named bitcoin as the single best investment of the last decade.

According to a report by Bank of America Securities, if someone had invested $1 in bitcoin at the start of the decade, it would now be worth more than $90,000. Currently, the leading cryptocurrency is changing hands at just above $7,100. The growth of the crypto sector has also attracted strict regulations from the government all around the world. Some countries are even getting ready to issue their own digital currencies.

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