Tuesday, February 27, 2024

China BSN Chair Called BTC A Ponzi, Stablecoins Are Fine If Regulated

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The China BSN Chair called Bitcoin a ponzi scheme but noted that stablecoins could work just fine if they are properly regulated so let’s have a closer look at today’s latest cryptocurrency news.

The China BSN chair Yifan He, added that stablecoins such as USDC and USDT would be doing just fine if they are properly regulated but Bitcoin is a Ponzi Scheme, amid the government in china continuing to celebrate the decline of crypto markets this year. Yifan He is the CEO of Red Date Technology which is a major tech company involved in the development of China’s Blockchain Service Network and published in the local newspaper, we can read that he said Bitcoin might be the biggest Ponzi scheme in human history.

The author mentioned the Terra network collpase with the LUNA token which crashed 99% as well as TerraUSD Classic after losing its peg to the US dollar. He also criticized the popular virtual currency concept known as X-to-earn and referred to the move-to-earn or play-to-earn projects calling them a phishing strategy. The BSN chair mentioned some well-known criticism of BTC by Microsoft founder Bill Gates and Warren Buffet. He is not a fan of BTC or other cryptocurrencies:

“Currently, all unregulated cryptocurrencies including Bitcoin are Ponzi schemes based on my understanding, just different risk levels based on the market caps and number of users.”

BSN Introduced New, China,

The BSN chair added that he doesn’t own a wallet or related assets and hasn’t owned one ever:

 “I don’t touch them and won’t touch them in the future even if they become regulated because I don’t consider that they have any value whatsoever.”

According to He, places like El Salvador that opted to adopt BTC as a legal tender, need basic financial training otherwise they put their countries at risk to scam off their citizens. While criticizing BTC and other crypto projects, he still thinks that parts of the crypto market could be doing fine if regulated properly. Cash-backed stablecoins such as Tether and USDC should not be seen as Ponzi schemes:

“USDC or USDT are payment-related currencies, not speculative assets. Once they are fully regulated, they are fine.”

He talked in favor of stablecoins in 2020 and the executive planned to integrate stablecoin payments into the BSN in 2021 by the plan was scrapped because of China’s stance toward crypto.

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