“In a crash, the holders of bitcoin will collectively have lost what they have paid the miners for their bitcoin. This sum may be not far from the sum originally invested with Madoff, after accounting for inflation. But bitcoin holders will have no one to pursue to recover this sum: it will simply have gone up in smoke, a social loss. The holders of bitcoin would then only wish it had been a Ponzi scheme.”
Robert McCauley, Professor, University of Oxford · Bitcoin since: +65%
As published by Financial Times
A little perspective.
Bitcoin on that day$48,621December 22, 2021
$100 at that price$165.00At our latest price check
Illustrative value using a Bitcoin price of $80,225, checked Oct 29, 2026, 10:47 AM UTC. Excludes fees, taxes, and inflation. A price change alone does not settle the original criticism.
Keep the receipt.
Bitcoin Is Dead. “Why Bitcoin Is Worse Than A Madoff-Style Ponzi Scheme” — Robert McCauley, Financial Times, December 22, 2021. Bitcoin: $48,620.54. https://bitcoindeaths.com/posts/2021-12-22-why-bitcoin-is-worse-than-a-madoff-style-ponzi-scheme