"Bitcoin Is A Pyramid Scheme, Warns Former Wells Fargo CEO Dick Kovacevich"
BTC_AT_TIME $11,348
Published in CNBC on 2018-01-16, "Bitcoin Is A Pyramid Scheme, Warns Former Wells Fargo CEO Dick Kovacevich" declared Bitcoin dead or fundamentally doomed. The piece characterised Bitcoin as a fraudulent scheme with no underlying value, arguing it would inevitably collapse once new buyers dried up. Bitcoin was trading at $11,348 at the time of publication. Bitcoin crashed more than 80% from its late 2017 peak, with critics pointing to the burst of the speculative bubble.