La Repubblica: BTC Is a Financial Pyramid

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La Repubblica: BTC Is a Financial Pyramid

During 10 years of its existence, Bitcoin certainly gained as many supporters as opponents. It is currently on the target of the Italian newspaper La Repubblica, which called it the financial pyramid.

Bitcoin's obstacles

Bitcoin has faced various accusations throughout its existence on the market. It was often referred to as a tool for offenders to evade taxes, and sometimes even as a utopian version of a safe haven. However, it rarely faces the accusations of being a Ponzi Scheme or a financial pyramid.

Italian doubts

The Italian newspaper La Repubblica is entirely consistent with the aforementioned pattern. In its recent edition, it devoted an entire article to Bitcoin in which it strongly criticized this cryptocurrency. In the European Union, or more precisely in the euro area, events indicating an imminent recession were recorded. According to the newspaper, cryptocurrencies are in a state of permanent war with fiat currencies and companies related to them. La Repubblica regards BTC as a pyramid that may not keep its current value:
Bitcoin, like Ethereum and other existing cryptocurrencies, are not assets that give any guarantee. The functioning of Bitcoin is much more similar to the scheme of the financial pyramid than to one of a currency system.
As an argument for defending its thesis, the newspaper states that there is centralization of assets in BTC. A small number of wallets have a significant majority of tokens. The article suggests that if money does not affect the market, Bitcoin's value will drop significantly in the blink of an eye. Cryptocurrency miners must sell their resources in order to survive.