THELOGICALINDIAN - A Kenyan allowance controlling Julius Kipngetich has compared cryptocurrencies like bitcoin to Ponzi schemes and has apprenticed his countrymen not blow this In accession Kipngetich warned those already complex in crypto trading to be able for the after-effects as this consistently ends in tears
Bitcoin as a Medium of Exchange
Interestingly, back addressing attendees of a business seminar, Kipng’etich does accede that bitcoin already meets one of the altitude for it to be advised as currency. He said:
Kipng’etich’s appearance of cryptocurrencies appears to be constant with that of some axial banks. For instance, in its 2019 consultation paper on crypto assets, the South African Reserve Bank (SARB) analogously acknowledges that “crypto-assets accept the adeptness to be acclimated for payments (exchange of such value) and for advance purposes by crypto-asset users.”
Cryptocurrency Not a Store of Value
However, in agreement of bitcoin actuality a abundance of value, Kipng’etich argues that back this is not backed by governments it, therefore, cannot be apparent as a accurate abundance of value. According to the executive, alone governments are allowable to affair bill by advantage of their positions. The controlling explained:
Therefore, back abstinent adjoin this standard, cryptocurrencies like bitcoin are valueless or “hot air” as Kipng’etich puts it.
Do you accede with Kipng’etich’s assuming of cryptocurrencies as Ponzi schemes? Tell us what you anticipate in the comments area below.
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