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Bitcoin lacks a solid foundation as an international currency

Summary:
The increase in value is reminiscent of a pyramid scheme where investors constantly hope that others will value the asset ever higher.When bitcoin regains its true value, the awakening could be brutal for many. It is not only the cryptocurrency that has a limited volume, but also the number of people who are tempted to join pyramid schemes.The Financial Times Bitcoin lacks a solid foundation as an international currency

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 The increase in value is reminiscent of a pyramid scheme where investors constantly hope that others will value the asset ever higher.

When bitcoin regains its true value, the awakening could be brutal for many. It is not only the cryptocurrency that has a limited volume, but also the number of people who are tempted to join pyramid schemes.


The Financial Times 


Bitcoin lacks a solid foundation as an international currency

Mike Norman
Mike Norman is an economist and veteran trader whose career has spanned over 30 years on Wall Street. He is a former member and trader on the CME, NYMEX, COMEX and NYFE and he managed money for one of the largest hedge funds and ran a prop trading desk for Credit Suisse.

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