“I think it’s a pyramid scheme. It makes no sense. I’m just surprised it isn’t even lower. There’s no fraudulent thing going on. It’s just a pyramid scheme. You’re betting that somebody is going to buy it. And some people have been right. The fundamentals make no sense.”
Dick Kovacevich, Former CEO, Wells Fargo · Bitcoin since: +580%
As published by CNBC
Bitcoin Is A Pyramid Scheme, Warns Former Wells Fargo CEO Dick Kovacevich ↗
A little perspective.
Bitcoin on that day$11,348January 16, 2018
$100 at that price$680.17At our latest price check
Illustrative value using a Bitcoin price of $77,186, checked Oct 31, 2026, 4:25 AM UTC. Excludes fees, taxes, and inflation. A price change alone does not settle the original criticism.
Keep the receipt.
Bitcoin Is Dead. “Bitcoin Is A Pyramid Scheme, Warns Former Wells Fargo CEO Dick Kovacevich” — Dick Kovacevich, CNBC, January 16, 2018. Bitcoin: $11,348.02. https://bitcoindeaths.com/posts/2018-01-16-bitcoin-is-a-pyramid-scheme-warns-former-wells-fargo-ceo-dick-kovacevich