"Crypto May Be Worse Than A Ponzi Scheme"
BTC_AT_TIME $42,587
Published in Reserve Bank of India on 2022-02-14, "Crypto May Be Worse Than A Ponzi Scheme" 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 $42,587 at the time of publication. Bitcoin fell sharply amid interest rate hikes and the spectacular collapse of the FTX exchange and the Terra/Luna ecosystem.