China calls bitcoin the largest Ponzi scheme in human history

In his new article, Yifan He, CEO of Red Date Technology, which is developing China’s largest blockchain, Blockchain Service Network (BSN), expressed a negative opinion about cryptocurrencies. «Currently, all unregulated cryptocurrencies, including bitcoin, are Ponzi schemes based on market capitalization and number of users.»

The BSN chairman emphasized that he has never had a cryptocurrency wallet or cryptocurrency-related assets. He does not plan to invest in virtual currency in the future, even if its circulation is legally regulated, because «they have no value.» However, not everyone in China shares this opinion, as Chinese banks are allowed to receive a percentage of their assets in the central bank’s digital currency.

While criticizing bitcoin and various cryptocurrency projects, Yifan He did not ignore the crypto policy of El Salvador, which became the first country to make bitcoin legal tender on September 7 last year. «Countries like El Salvador are putting their own financial systems at risk and deceiving their citizens,» the Red Date Technology CEO is convinced. The President of El Salvador, Nayib Buchele, who believes in the future of the crypto industry and does not «give up» even during the «crypto winter», would definitely disagree with this point of view. Recently, he urged the crypto community not to panic because of the market downturn and to «enjoy life» while waiting for the bitcoin rate to rise.