Know What is a ‘Ponzi Scheme’ and Who was the Man behind it?
In a recent interview, the World Bank Group President Jim Yong Kim compared Bitcoins to a "Ponzi Scheme" that once again triggered questions on the legitimacy of the world's most popular cryptocurrency.
“In terms of using Bitcoin or some of the cryptocurrencies, we are also looking at it, but I’m told the vast majority of cryptocurrencies are basically Ponzi schemes. It's still not really clear how it's going to work,” he said in an interview.
The cryptocurrency, that has been soaring since 2017, has seen not so great start in this year and had reduced to one-third of its peak value nearly in just two months.
The World Bank is looking closely at the blockchain technology and hopes that it could be used by developing countries to "follow the money more effectively" and regulate co...